Kennedyville, Maryland Property Taxes
The median property tax rate in Kennedyville, MD is 1.12%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Kennedyville, the typical annual property tax bill reaches $3,308, exceeding the national median of $2,690. Property taxes in Kennedyville 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 Kennedyville'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 Kennedyville 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
Kennedyville, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$3,327
Ownwell’s Kennedyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kennedyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kennedyville 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 Kennedyville, Maryland
Property taxes in Kennedyville, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kennedyville is 1.12%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Kennedyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kennedyville 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 Kennedyville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21645 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Kennedyville provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kennedyville Tax Rate
1.12%
Average Kent County Tax Rate
1.12%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kennedyville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21645 | 1.08% | 1.11% | 1.12% | 1.14% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Kennedyville, Maryland
In Kennedyville, 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 Kent 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. 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 Kennedyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Kennedyville is $297,050, with the highest and lowest median tax bills both being $3,308 in zip code 21645.
Average Kennedyville Assessed Value
$297,050
Average Kent County Assessed Value
$227,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kennedyville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21645 | $131,760 | $193,250 | $297,050 | $557,600 | $832,590 |
Source: Ownwell
Property Tax Bills Across Kennedyville, Maryland
In Kennedyville, Kent County, MD, property tax bills are calculated based on the assessed value of your home, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to arrive at your annual tax bill. The median home price in Kennedyville is $297,050, and the property tax rate varies, impacting homeowners differently. For instance, the tax bill at the 25th percentile is $2,176, while at the 75th percentile, it rises to $6,006. Those at the 90th percentile face a tax bill of $9,365, indicating significant variability based on property value and location. The highest and lowest median tax bills in the area both stand at $3,308, showing some consistency within specific zip codes. These tax bills are crucial for homeowners as they directly influence the affordability of maintaining a property. Compared to the national median property tax rate of 0.99%, Kennedyville's rates may seem higher, underscoring the importance of understanding local tax obligations.
Average Kennedyville Tax Bill
$3,308
Average Kent County Tax Bill
$2,628
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Kennedyville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21645 | $1,482 | $2,176 | $3,308 | $6,006 | $9,365 |
Source: Ownwell