Parsonsburg, Maryland Property Taxes
The median property tax rate in Parsonsburg, MD is 0.82%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $196,400 in Parsonsburg, the typical annual property tax bill amounts to $1,583, significantly less than the national median of $2,690. Property taxes in Parsonsburg are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Parsonsburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parsonsburg or another part of Wicomico County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parsonsburg, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,610
Ownwell’s Parsonsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parsonsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parsonsburg 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 Parsonsburg, Maryland
Property taxes in Parsonsburg, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parsonsburg is 0.82%, which is lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Parsonsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parsonsburg 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 Parsonsburg's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21849 has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Parsonsburg 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 Parsonsburg Tax Rate
0.82%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parsonsburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21849 | 0.73% | 0.78% | 0.82% | 0.85% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Parsonsburg, Maryland
In Parsonsburg, 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 Parsonsburg, 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 Parsonsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Parsonsburg, the highest median tax bill is $1,583 in the 21849 zip code, while the lowest median tax bill is also $1,583 in the same zip code.
Average Parsonsburg Assessed Value
$196,400
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 Parsonsburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21849 | $91,970 | $145,325 | $196,400 | $267,300 | $341,310 |
Source: Ownwell
Property Tax Bills Across Parsonsburg, Maryland
In Parsonsburg, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. For homeowners in Parsonsburg, the median home price is $196,400. The property tax rate in Parsonsburg is part of the overall rate for Wicomico County. Several factors contribute to the final tax bill, including the assessed value of the property, any applicable exemptions, and the local tax rate. Homeowners in Parsonsburg can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,161, while at the 75th percentile, it rises to $2,138, and at the 90th percentile, it reaches $2,813. These taxes are essential for funding local services such as schools, infrastructure, and emergency services, impacting the overall quality of life in the community. Understanding how property taxes are calculated can help homeowners better manage their finances and plan for annual expenses.
Average Parsonsburg Tax Bill
$1,583
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Parsonsburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21849 | $766 | $1,161 | $1,583 | $2,138 | $2,813 |
Source: Ownwell