Woolford, Maryland Property Taxes
The median property tax rate in Woolford, MD is 1.13%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Woolford at $309,700, the typical annual property tax bill reaches $3,492, exceeding the national median of $2,690. Property taxes in Woolford are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Woolford'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 Woolford 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
Woolford, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$3,500
Ownwell’s Woolford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woolford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woolford 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 Woolford, Maryland
Property taxes in Woolford, Maryland, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Woolford is 1.13%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Woolford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woolford 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 Woolford's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21677 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Woolford provides valuable insights into the varying tax landscape across Dorchester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woolford Tax Rate
1.13%
Average Dorchester County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woolford, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21677 | 1.12% | 1.12% | 1.13% | 1.15% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Woolford, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woolford, Maryland. The market value represents 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 Dorchester County Assessment Office 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 Woolford, 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 Woolford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3,492 in zip code 21677, while the lowest median tax bill is also $3,492 in the same zip code.
Average Woolford Assessed Value
$309,700
Average Dorchester County Assessed Value
$163,800
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woolford, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21677 | $88,790 | $165,600 | $309,700 | $423,750 | $660,140 |
Source: Ownwell
Property Tax Bills Across Woolford, Maryland
In Woolford, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor’s office and represents a percentage of the property's market value. Homeowners in Woolford, located in Dorchester County, MD, face a median property tax rate that influences their annual tax bill. For instance, the tax bill at the 25th percentile is around $1,881, while at the 75th percentile, it can reach $4,699. At the 90th percentile, homeowners might see tax bills as high as $7,401. These figures are influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Woolford's rates can significantly impact homeowners, particularly those with higher-valued properties. The highest median tax bill in the area is $3,492, found in the zip code 21677, which is also the lowest median tax bill recorded. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly affecting the community's quality of life.
Average Woolford Tax Bill
$3,492
Average Dorchester County Tax Bill
$2,036
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Woolford, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21677 | $995 | $1,881 | $3,492 | $4,699 | $7,401 |
Source: Ownwell