Fruitland, Maryland Property Taxes
The median property tax rate in Fruitland, MD is 0.94%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Fruitland at $144,800, the typical annual property tax bill is $1,361, which is below the national median of $2,690. Property taxes in Fruitland 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 Fruitland'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 Fruitland or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fruitland, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,361
Ownwell’s Fruitland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fruitland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fruitland 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 Fruitland, Maryland
Property taxes in Fruitland, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fruitland is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Fruitland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fruitland 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 Fruitland's effective property tax rate to other counties in Maryland and the national median. For comparison, the ZIP code 21826 has the highest median property tax rate of 0.94%, while the same ZIP code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Fruitland provides valuable insights into the varying tax landscape across Wicomico County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fruitland Tax Rate
0.94%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fruitland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21826 | 0.87% | 0.91% | 0.94% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Fruitland, Maryland
In Fruitland, 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 Wicomico 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 Fruitland, 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 Fruitland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 21826, with a median tax bill of $1,361.
Average Fruitland Assessed Value
$144,800
Average Wicomico County Assessed Value
$161,300
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fruitland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21826 | $66,300 | $93,725 | $144,800 | $199,400 | $290,100 |
Source: Ownwell
Property Tax Bills Across Fruitland, Maryland
In Fruitland, located in Wicomico County, MD, property tax bills are calculated based on the assessed value of a homeowner's property. This assessed value is determined by local tax authorities, reflecting the market value of the property. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Fruitland stands at $144,800. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $906 and the 75th percentile reaching $1,873. The 90th percentile tax bill can go up to $2,645, indicating a wide range based on property values and assessments. These tax bills impact homeowners by adding a recurring expense to homeownership, which can influence decisions related to buying, selling, or investing in property. Compared to the national median property tax rate of 0.99%, Fruitland's property tax rates reflect the local economic and market conditions, ensuring that tax obligations align with property values in the area.
Average Fruitland Tax Bill
$1,361
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Fruitland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21826 | $644 | $906 | $1,361 | $1,873 | $2,645 |
Source: Ownwell