Pocomoke City, Maryland Property Taxes
The median property tax rate in Pocomoke City, MD is 1.08%, slightly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Pocomoke City at $140,300, the typical annual property tax bill reaches $1,477, which is below the national median of $2,690. Property taxes in Pocomoke City 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 Pocomoke City'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 Pocomoke City 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
Pocomoke City, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,515
Ownwell’s Pocomoke City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pocomoke City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pocomoke City 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 Pocomoke City, Maryland
Property taxes in Pocomoke City, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pocomoke City is 1.08%, higher than the U.S. national median of 0.99%. Local government entities within Pocomoke City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pocomoke City 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 Pocomoke City's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21851 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Pocomoke City provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pocomoke City Tax Rate
1.08%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pocomoke City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21851 | 1.04% | 1.06% | 1.08% | 1.09% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Pocomoke City, Maryland
In Pocomoke City, 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 Somerset 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. 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 Pocomoke City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pocomoke City is $140,300, with the highest and lowest median tax bills both at $1,477 in zip code 21851.
Average Pocomoke City Assessed Value
$140,300
Average Somerset County Assessed Value
$114,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pocomoke City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21851 | $57,400 | $98,150 | $140,300 | $207,900 | $343,100 |
Source: Ownwell
Property Tax Bills Across Pocomoke City, Maryland
In Pocomoke City, located in Somerset County, MD, property tax bills are calculated based on the assessed value of a home. The median home price in Pocomoke City stands at $140,300. Property taxes are determined by multiplying the assessed value by the local property tax rate. In this region, the median property tax bill is $1,477, aligning closely with the national median property tax rate of 0.99%. Several factors influence the tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. For instance, homeowners in the 25th percentile pay around $1,052, while those in the 75th percentile face bills of approximately $2,205. At the 90th percentile, tax bills can reach up to $3,551. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors can help homeowners better anticipate their annual tax obligations and budget accordingly.
Average Pocomoke City Tax Bill
$1,477
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Pocomoke City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21851 | $635 | $1,052 | $1,477 | $2,205 | $3,551 |
Source: Ownwell