Hillsboro, Maryland Property Taxes
The median property tax rate in Hillsboro, Maryland is 1.10%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Hillsboro, the typical annual property tax bill reaches $2,061, slightly below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsboro, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,135
Ownwell’s Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Maryland
Property taxes in Hillsboro, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21641 zip code has the highest median property tax rate of 1.10%, while the 21641 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Hillsboro 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 Hillsboro Tax Rate
1.10%
Average Caroline County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21641 | 1.00% | 1.04% | 1.10% | 1.17% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Maryland
In Hillsboro, 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 Hillsboro, 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. The zip code 21641 in Hillsboro has both the highest and lowest median tax bill at $2,061. Being aware of these valuation processes in Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillsboro Assessed Value
$194,100
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 Hillsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21641 | $141,200 | $166,700 | $194,100 | $233,800 | $335,380 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Maryland
In Hillsboro, Caroline County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Hillsboro can expect their property tax bills to vary depending on several factors, including the assessed value of their home and the local tax rate. For a median home price of $194,100, the property tax bill can be quite significant. The tax bill for the 25th percentile is approximately $1,852, while for the 75th percentile, it rises to around $2,541. At the 90th percentile, homeowners may face a tax bill as high as $3,370. This variation highlights how the assessed value and tax rate directly impact the amount homeowners need to pay. Compared to the national median property tax rate of 0.99%, Hillsboro's tax rates can result in substantial annual costs for homeowners, emphasizing the importance of understanding how these taxes are calculated and their financial implications.
Average Hillsboro Tax Bill
$2,061
Average Caroline County Tax Bill
$2,469
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21641 | $1,557 | $1,852 | $2,061 | $2,541 | $3,370 |
Source: Ownwell