Mansions for Sale in Maryland

Average Mansion and Luxury Home Prices in Maryland

Gibson Island	Anne Arundel	MD	2,086,500
Bozman	Talbot	MD	900,000
Potomac	Montgomery	MD	890,000
Cabin John	Montgomery	MD	885,000
Royal Oak	Talbot	MD	875,000
Bethesda	Montgomery	MD	872,000
Annapolis	Anne Arundel	MD	870,000
Chevy Chase	Montgomery	MD	865,000
West Friendship	Howard	MD	836,250
Bethesda	Montgomery	MD	795,000
Garrett Park	Montgomery	MD	780,000
Davidsonville	Anne Arundel	MD	734,750
Fulton	Howard	MD	733,560
Dayton	Howard	MD	718,750
Ashton	Montgomery	MD	715,000
Glenwood	Howard	MD	708,000
Clarksville	Howard	MD	707,850
Bethesda	Montgomery	MD	685,000

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General
Maryland is a state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia and the District of Columbia to the south and west, Pennsylvania to the north, and Delaware to the east. Historically it was part of the Chesapeake Colonies where planters cultivated tobacco as a cash crop dependent on slave labor. It is comparable in size to the European country of Belgium. According to the U.S. Census Bureau, Maryland has the highest median household income of any state at $68,080 in 2007, overtaking New Jersey in 2006.

Economy
The Bureau of Economic Analysis estimates that Maryland's gross state product in 2006 was US$257 billion. According to the U.S. Census Bureau, Maryland households are currently the wealthiest in the country, with a median household income of $68,080 which puts it ahead of New Jersey and Connecticut, which are second and third respectively. Two of Maryland's counties, Howard and Montgomery, are the third and seventh wealthiest counties in the nation respectively. Also, the state's poverty rate of 7.8% is the lowest in the country. Per capita personal income in 2006 was US$43,500, 5th in the nation. Average household income in 2002 was US$53,043, also 5th in the nation.

Maryland's economic activity is strongly concentrated in the tertiary service sector, and this sector, in turn, is strongly influenced by location. One major service activity is transportation, centered around the Port of Baltimore and its related rail and trucking access. The port ranked 10th in the U.S. by tonnage in 2002 (Source: U.S. Army Corps of Engineers, "Waterborne Commerce Statistics"). Although the port handles a wide variety of products, the most typical imports are raw materials and bulk commodities, such as iron ore, petroleum, sugar, and fertilizers, often distributed to the relatively close manufacturing centers of the inland Midwest via good overland transportation. The port also receives several different brands of imported motor vehicles and is the number two auto port in the U.S.

Taxes
Maryland imposes 5 income tax brackets, ranging from 2% to 6.25% of personal income. The city of Baltimore and Maryland's 23 counties levy local "piggyback" income taxes at rates between 1.25% and 3.2% of Maryland taxable income. Local officials set the rates and the revenue is returned to the local governments quarterly. The top income tax bracket of 9.45% is the fifth highest combined state and local income tax rates in the country, behind only New York City's 11.35%, California?s 10.3%, Rhode Island?s 9.9%, and Vermont?s 9.5%. Maryland's state sales tax is 6%. All real property in Maryland is subject to the property tax. Generally, properties that are owned and used by religious, charitable, or educational organizations or property owned by the federal, state or local governments are exempt. Property tax rates vary widely. No restrictions or limitations on property taxes are imposed by the state, meaning cities and counties can set tax rates at the level they deem necessary to fund governmental services. These rates can increase, decrease or remain the same from year to year. If the proposed tax rate increases the total property tax revenues, the governing body must advertise that fact and hold a public hearing on the new tax rate. This is called the Constant Yield Tax Rate process.

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