Neavitt, Maryland Property Taxes
The median property tax rate in Neavitt, MD is 0.74%, considerably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Neavitt, the typical annual property tax bill reaches $2,318, which is below the national median of $2,690. Property taxes in Neavitt 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 Neavitt'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 Neavitt or another part of Talbot County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Neavitt, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,721
Ownwell’s Neavitt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neavitt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neavitt 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 Neavitt, Maryland
Property taxes in Neavitt, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Neavitt is 0.74%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Neavitt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neavitt 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 Neavitt's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21652 zip code, which includes Neavitt, has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Neavitt provides valuable insights into the varying tax landscape across Talbot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neavitt Tax Rate
0.74%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neavitt, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21652 | 0.35% | 0.63% | 0.74% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Neavitt, Maryland
In Neavitt, 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 Talbot 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 Neavitt, 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 Neavitt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Neavitt, the highest and lowest median tax bills are both $2,318, found in the 21652 zip code. The median home price is $367,750, with tax bills ranging from $1,566 at the 25th percentile to $8,910 at the 90th percentile.
Average Neavitt Assessed Value
$367,750
Average Talbot County Assessed Value
$319,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neavitt, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21652 | $182,330 | $226,700 | $367,750 | $682,550 | $1,380,750 |
Source: Ownwell
Property Tax Bills Across Neavitt, Maryland
In Neavitt, located in Talbot County, MD, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the local tax assessor and reflects the market value of the home. Homeowners in Neavitt can expect their property tax bill to vary significantly depending on several factors, including the size, location, and condition of their property. The median home price in Neavitt is $367,750, and property tax bills can range widely. For instance, the tax bill at the 25th percentile is $1,566, while at the 75th percentile, it is $4,302. At the high end, the 90th percentile tax bill reaches $8,910. These figures highlight the variability in property taxes, which can significantly impact homeowners' budgets. Compared to the national median property tax rate of 0.99%, Neavitt's tax rates reflect local economic conditions and funding needs for public services. Homeowners must consider these factors when budgeting for their annual expenses, as property taxes are a crucial component of homeownership costs.
Average Neavitt Tax Bill
$2,318
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Neavitt, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21652 | $956 | $1,566 | $2,318 | $4,302 | $8,910 |
Source: Ownwell