Quantico, Maryland Property Taxes
The median property tax rate in Quantico, MD is 1.00%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With the median home value in Quantico at $108,900, the typical annual property tax bill amounts to $1,072, which is below the national median of $2,690. Property taxes in Quantico are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Quantico'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 Quantico or another part of Wicomico County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Quantico, 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 Quantico Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Quantico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Quantico 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 Quantico, Maryland
Property taxes in Quantico, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quantico is 1.00%, which is higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Quantico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quantico 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 Quantico's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21856 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Quantico 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 Quantico 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 Quantico, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21856 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Quantico, Maryland
In Quantico, 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 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 in Quantico 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 Quantico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in zip code 21856, with a value of $1,072.
Average Quantico Assessed Value
$108,900
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 Quantico, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21856 | $41,370 | $68,700 | $108,900 | $242,800 | $342,900 |
Source: Ownwell
Property Tax Bills Across Quantico, Maryland
In Quantico, 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 Quantico is $108,900, and the tax rate is applied to this assessed value to determine the annual tax bill. Various factors are considered in this assessment, including the property's size, location, and condition. Homeowners in Quantico can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $681, while the 75th percentile tax bill reaches $2,378. At the higher end, the 90th percentile tax bill can be as much as $3,367. These figures indicate a substantial range in tax liabilities, reflecting the diversity in property values and assessments within the area. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners need to be aware of these factors as they directly influence their annual financial obligations and overall cost of homeownership in Quantico.
Average Quantico Tax Bill
$1,072
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Quantico, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21856 | $430 | $681 | $1,072 | $2,378 | $3,367 |
Source: Ownwell