Preston, Maryland Property Taxes
The median property tax rate in Preston, MD is 1.09%, which is higher than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $202,900 in Preston, the typical annual property tax bill reaches $2,250, slightly below the national median of $2,690. Property taxes in Preston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Preston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Preston or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Preston, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Preston, Maryland
Property taxes in Preston, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 1.09%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Preston's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21655 zip code has the highest median property tax rate of 1.09%, while the 21655 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
1.09%
Average Caroline County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21655 | 0.91% | 1.06% | 1.09% | 1.09% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Maryland
In Preston, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Caroline County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Preston, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in Preston is $2,250, found in zip code 21655, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Preston Assessed Value
$202,900
Average Caroline County Assessed Value
$216,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21655 | $116,720 | $154,200 | $202,900 | $274,900 | $378,040 |
Source: Ownwell
Property Tax Bills Across Preston, Maryland
In Preston, MD, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county and is meant to reflect the market value of the property. For instance, with a median home price of $202,900, homeowners can anticipate varying tax bills based on specific factors like property location and improvements. The tax rate in Preston is influenced by the county's needs for public services such as schools, roads, and emergency services. Homeowners in Preston can expect to pay property taxes that fall within a range, with the 25th percentile tax bill being $1,686 and the 75th percentile reaching $3,009. The highest tax bills, in the 90th percentile, can be as much as $3,956. These property taxes can significantly impact homeowners, affecting their annual budgets and potentially influencing decisions on homeownership and property investments. Comparing these figures to the national median property tax rate of 0.99% provides insight into how Preston's tax rates stand relative to broader trends.
Average Preston Tax Bill
$2,250
Average Caroline County Tax Bill
$2,469
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21655 | $1,279 | $1,686 | $2,250 | $3,009 | $3,956 |
Source: Ownwell