Toddville, Maryland Property Taxes
The median property tax rate in Toddville, MD is 1.21%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Toddville at $59,400, the typical annual property tax bill reaches $721, which is below the national median of $2,690. Property taxes in Toddville 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 Toddville'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 Toddville 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
Toddville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$719
Ownwell’s Toddville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toddville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toddville 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 Toddville, Maryland
Property taxes in Toddville, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toddville is 1.21%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Toddville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toddville 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 Toddville's effective property tax rate to other areas in Maryland and the national median. For comparison, the 21672 zip code has the highest median property tax rate of 1.21%, while the 21672 zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Toddville provides valuable insights into the varying tax landscape across Dorchester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toddville Tax Rate
1.21%
Average Dorchester County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toddville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21672 | 1.15% | 1.18% | 1.21% | 1.26% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Toddville, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Toddville, Maryland. 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 Dorchester 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 Toddville, 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. For instance, the median home price in Toddville is $59,400, with tax bills ranging from $496 at the 25th percentile to $1,575 at the 90th percentile. The zip code with the highest median tax bill is 21672, standing at $721, which is also the lowest median tax bill recorded. 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 Toddville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Toddville Assessed Value
$59,400
Average Dorchester County Assessed Value
$163,800
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toddville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21672 | $24,660 | $39,350 | $59,400 | $82,700 | $143,140 |
Source: Ownwell
Property Tax Bills Across Toddville, Maryland
In Toddville, located in Dorchester County, MD, property tax bills are calculated based on the assessed value of a home rather than its market value. Homeowners in Toddville can expect their tax bills to fall within a range influenced by several factors, including property size, location, and improvements made to the property. The median home price in Toddville is $59,400, with property tax bills ranging from the 25th percentile at $496 to the 90th percentile at $1575. The median tax bill sits at $721, which is slightly below the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual housing costs. For instance, those with homes assessed at higher values or with significant improvements may face higher tax bills. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Toddville Tax Bill
$721
Average Dorchester County Tax Bill
$2,036
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Toddville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21672 | $334 | $496 | $721 | $980 | $1,575 |
Source: Ownwell