Sherwood, Maryland Property Taxes
The median property tax rate in Sherwood, MD is 0.76%, which is significantly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $451,500 in Sherwood, the typical annual property tax bill amounts to $3,178, surpassing the national median of $2,690. Property taxes in Sherwood are calculated based on the assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Sherwood'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 Sherwood or another part of Talbot County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sherwood, 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 Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Maryland
Property taxes in Sherwood, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other areas in Talbot County and the national median. For comparison, the zip code 21665 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Sherwood provides valuable insights into the varying tax landscape across Talbot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherwood Tax Rate
0.76%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21665 | 0.45% | 0.66% | 0.76% | 0.79% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Maryland
In Sherwood, 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 Talbot 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 Sherwood, 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 Sherwood is $3,178 in the 21665 zip code, while the lowest is also $3,178 in the same zip code. Being aware of these valuation processes in Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sherwood Assessed Value
$451,500
Average Talbot County Assessed Value
$319,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21665 | $190,640 | $298,650 | $451,500 | $961,550 | $1,459,940 |
Source: Ownwell
Property Tax Bills Across Sherwood, Maryland
In Sherwood, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Homeowners in Sherwood can expect varying tax bills depending on several factors, including the size and location of their property, as well as any applicable exemptions or deductions. For example, the median home price in Sherwood is $451,500. At the 25th percentile, homeowners might pay around $1,973 annually, while those at the 75th percentile could see tax bills as high as $6,879. The highest tax bills, around the 90th percentile, can reach up to $11,151. Comparatively, the national median property tax rate is 0.99%, which can serve as a benchmark for understanding local rates. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life and property values in the community. Homeowners should be aware of these factors when budgeting for homeownership in Sherwood.
Average Sherwood Tax Bill
$3,178
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21665 | $1,178 | $1,973 | $3,178 | $6,879 | $11,151 |
Source: Ownwell