Federalsburg, Maryland Property Taxes
The median property tax rate in Federalsburg, MD is 1.09%, slightly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Federalsburg at $138,100, the typical annual property tax bill amounts to $1,763, which is notably lower than the national median of $2,690. Property taxes in Federalsburg are calculated based on the assessed value, generally lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Federalsburg'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 Federalsburg or another part of Caroline County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Federalsburg, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,505
Ownwell’s Federalsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Federalsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Federalsburg 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 Federalsburg, Maryland
Property taxes in Federalsburg, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Federalsburg is 1.09%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Federalsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Federalsburg 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 Federalsburg's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21632 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Federalsburg provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Federalsburg Tax Rate
1.09%
Average Caroline County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Federalsburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21632 | 0.99% | 1.09% | 1.09% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Federalsburg, Maryland
In Federalsburg, 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 Caroline 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 Federalsburg, 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 Federalsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,763 in the 21632 zip code.
Average Federalsburg Assessed Value
$138,100
Average Caroline County Assessed Value
$216,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Federalsburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21632 | $68,300 | $96,550 | $138,100 | $186,750 | $261,620 |
Source: Ownwell
Property Tax Bills Across Federalsburg, Maryland
In Federalsburg, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Caroline County. The assessed value is determined by county assessors who evaluate various factors, including the home's market value, location, and any improvements made to the property. Homeowners in Federalsburg can expect tax bills to vary significantly, with the 25th percentile at $1,304 and the 75th percentile at $2,439. At the 90th percentile, tax bills can reach up to $3,159. Compared to the national median property tax rate of 0.99%, Federalsburg's tax rates reflect the local economic conditions and funding requirements for public services such as schools, infrastructure, and emergency services. For homeowners, understanding these factors is crucial as property taxes represent a significant portion of annual homeownership costs. The highest median tax bill in the area is $1,763, showing a relatively moderate tax burden compared to other regions.
Average Federalsburg Tax Bill
$1,763
Average Caroline County Tax Bill
$2,469
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Federalsburg, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21632 | $963 | $1,304 | $1,763 | $2,439 | $3,159 |
Source: Ownwell