Willards, Maryland Property Taxes
The median property tax rate in Willards, MD is 0.81%, which is notably lower than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Willards at $179,500, the typical annual property tax bill amounts to $1,422, falling below the national median of $2,690. Property taxes in Willards are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Willards' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Willards 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
Willards, 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 Willards Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willards with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willards 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 Willards, Maryland
Property taxes in Willards, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willards is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Willards set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willards 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 Willards' effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 21874 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Willards 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 Willards Tax Rate
0.81%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willards, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21874 | 0.73% | 0.77% | 0.81% | 0.87% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Willards, Maryland
In Willards, 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. In Willards, 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 Willards helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21874 has the highest and lowest median tax bill, both at $1422.
Average Willards Assessed Value
$179,500
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 Willards, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21874 | $85,200 | $127,700 | $179,500 | $241,300 | $326,100 |
Source: Ownwell
Property Tax Bills Across Willards, Maryland
In Willards, located in Wicomico County, MD, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local government assessors and reflects the market value of the property. Homeowners in Willards face a median property tax bill of $1,422, which aligns with the county's median. Factors such as the property's location, size, and condition are considered during assessment, directly impacting the tax bill. For instance, homes in the 25th percentile of tax bills pay around $1,046, while those in the 75th percentile pay approximately $1,885. At the higher end, the 90th percentile of homeowners can expect a tax bill of about $2,535. Compared to the national median property tax rate of 0.99%, Willards homeowners experience a slightly higher tax burden. This variation can affect homeowners' financial planning, influencing decisions on property investments and home improvements. Understanding these factors is crucial for managing property expenses effectively.
Average Willards Tax Bill
$1,422
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Willards, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21874 | $740 | $1,046 | $1,422 | $1,885 | $2,535 |
Source: Ownwell