Nanticoke, Maryland Property Taxes
The median property tax rate in Nanticoke, MD is 1.00%, slightly above the national median of 0.99% but lower than Maryland's state median of 1.06%. With a median home value of $122,600 in Nanticoke, the typical annual property tax bill is $1,196, which is below the national median of $2,690. Property taxes in Nanticoke are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Nanticoke'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 Nanticoke 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
Nanticoke, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,226
Ownwell’s Nanticoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nanticoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nanticoke 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 Nanticoke, Maryland
Property taxes in Nanticoke, Maryland, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Nanticoke is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Nanticoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nanticoke 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 Nanticoke's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21840 has both the highest and lowest median property tax rates of 1.00%. Understanding how these cities compare with Nanticoke 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 Nanticoke Tax Rate
1.00%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nanticoke, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21840 | 0.98% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Nanticoke, Maryland
In Nanticoke, 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 Nanticoke, 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 Nanticoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 21840, with a tax bill of $1,196.
Average Nanticoke Assessed Value
$122,600
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 Nanticoke, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21840 | $38,450 | $70,400 | $122,600 | $196,900 | $317,000 |
Source: Ownwell
Property Tax Bills Across Nanticoke, Maryland
In Nanticoke, Wicomico County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the area is $122,600. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $686 and the 75th percentile reaching $1,958. For those at the higher end, the 90th percentile tax bill can go up to $3,165. These figures illustrate how the assessed value and applicable tax rate impact the final amount owed. The highest and lowest median tax bills in the area are both $1,196, indicating a uniform tax rate across different properties within the same zip code of 21840. Compared to the national median property tax rate of 0.99%, homeowners in Nanticoke may find their tax rates to be either higher or lower, affecting their annual financial planning. Understanding these factors helps homeowners anticipate their property tax obligations and manage their budgets accordingly.
Average Nanticoke Tax Bill
$1,196
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Nanticoke, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21840 | $385 | $686 | $1,196 | $1,958 | $3,165 |
Source: Ownwell