Ridgely, Maryland Property Taxes
The median property tax rate in Ridgely, MD is 1.05%, slightly higher than the national median of 0.99% but just below the Maryland state median of 1.06%. With a median home value of $243,400 in Ridgely, the typical annual property tax bill reaches $2,734, surpassing the national median of $2,690. Property taxes in Ridgely are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Ridgely'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 Ridgely or another part of Caroline County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ridgely, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$2,556
Ownwell’s Ridgely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgely 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 Ridgely, Maryland
Property taxes in Ridgely, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgely is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Ridgely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgely 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 Ridgely's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21660 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Ridgely 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 Ridgely Tax Rate
1.05%
Average Caroline County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgely, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21660 | 0.96% | 1.00% | 1.05% | 1.40% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Ridgely, Maryland
In Ridgely, 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 Ridgely, 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. Being aware of these valuation processes in Ridgely helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 21660 has both the highest and lowest median tax bills at $2,734.
Average Ridgely Assessed Value
$243,400
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 Ridgely, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21660 | $141,690 | $182,875 | $243,400 | $312,625 | $401,510 |
Source: Ownwell
Property Tax Bills Across Ridgely, Maryland
In Ridgely, located in Caroline County, MD, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the property tax rate. The median home price in Ridgely is $243,400. Factors such as the property’s location, size, and condition influence its assessed value, which directly impacts the tax bill. For instance, homeowners in the 25th percentile of tax bills pay around $2,159, while those in the 75th percentile face bills closer to $3,562. At the 90th percentile, the tax bill can reach up to $4,473. The highest and lowest median tax bills in Ridgely are both recorded at $2,734 in the 21660 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Ridgely experience varying tax burdens, which can significantly affect their annual expenses. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Ridgely Tax Bill
$2,734
Average Caroline County Tax Bill
$2,469
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgely, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21660 | $1,701 | $2,159 | $2,734 | $3,562 | $4,473 |
Source: Ownwell