Salisbury, Maryland Property Taxes
The median property tax rate in Salisbury, MD is 0.92%, slightly below the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $161,600 in Salisbury, the typical annual property tax bill amounts to $1,446, which is less than the national median of $2,690. Property taxes in Salisbury are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Salisbury'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 Salisbury 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
Salisbury, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,487
Ownwell’s SALISBURY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SALISBURY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SALISBURY 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 Salisbury, Maryland
Property taxes in Salisbury, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salisbury is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Salisbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salisbury 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 Salisbury's effective property tax rate to other areas in Wicomico County and the national median. For comparison, the 21801 zip code has the highest median property tax rate of 1.00%, while the 21804 zip code has the lowest median tax rate of 0.87%. Understanding how these areas compare with Salisbury 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 Salisbury Tax Rate
0.92%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salisbury, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21801 | 0.87% | 0.94% | 1.00% | 1.00% | 1.00% |
| 21802 | N/A | N/A | N/A | N/A | N/A |
| 21804 | 0.78% | 0.82% | 0.87% | 0.93% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Salisbury, Maryland
In Salisbury, 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 Salisbury, 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 Salisbury 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 21801 at $1,574, while the lowest is 21804 at $1,391.
Average Salisbury Assessed Value
$161,600
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 Salisbury, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21801 | $49,300 | $93,900 | $163,400 | $247,200 | $327,430 |
| 21802 | N/A | N/A | N/A | N/A | N/A |
| 21804 | $64,400 | $100,500 | $160,700 | $218,100 | $296,000 |
Source: Ownwell
Property Tax Bills Across Salisbury, Maryland
Property tax bills in Salisbury, located in Wicomico County, MD, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Salisbury experience a range of property tax bills. For instance, the 25th percentile tax bill is around $907, while the 75th percentile reaches up to $2,057. The 90th percentile tax bill can be as high as $2,805, indicating a significant variation based on property values and specific assessments. The highest median tax bill in Salisbury is found in the 21801 zip code, amounting to $1,574, whereas the lowest median tax bill in the 21804 zip code is $1,391. These figures are relatively high compared to the national median property tax rate of 0.99%. Such variations in tax bills can significantly impact homeowners, influencing their financial planning and overall cost of living. Understanding these factors is crucial for homeowners to manage their property-related expenses effectively.
Average Salisbury Tax Bill
$1,446
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Salisbury, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21801 | $510 | $919 | $1,574 | $2,355 | $3,145 |
| 21802 | N/A | N/A | N/A | N/A | N/A |
| 21804 | $601 | $899 | $1,391 | $1,840 | $2,506 |
Source: Ownwell