Bivalve, Maryland Property Taxes
The median property tax rate in Bivalve, MD is 1.00%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With the median home value in Bivalve at $99,600, the typical annual property tax bill amounts to $987, which is below the national median of $2,690. Property taxes in Bivalve are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Bivalve'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 Bivalve 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
Bivalve, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Bivalve Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bivalve with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bivalve 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 Bivalve, Maryland
Property taxes in Bivalve, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bivalve is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Bivalve set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bivalve 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 Bivalve's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21814 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Bivalve provides valuable insights into the varying tax landscape across Wicomico County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bivalve Tax Rate
1.00%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bivalve, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21814 | 0.91% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Bivalve, Maryland
In Bivalve, 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 Wicomico 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 Bivalve, 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 Bivalve helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21814 has the same median tax bill of $987, highlighting the uniformity in tax assessments for the area.
Average Bivalve Assessed Value
$99,600
Average Wicomico County Assessed Value
$161,300
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bivalve, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21814 | $36,420 | $68,750 | $99,600 | $155,450 | $225,460 |
Source: Ownwell
Property Tax Bills Across Bivalve, Maryland
In Bivalve, Wicomico County, MD, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by local government assessors who evaluate the market value of your property. This value is then multiplied by the local tax rate to calculate your annual property tax bill. For instance, with a median home price of $99,600 in Bivalve, homeowners can expect their property tax bills to vary widely. At the 25th percentile, tax bills are around $681, while at the 75th percentile, they can reach up to $1,541. The highest tax bills, at the 90th percentile, can be as much as $2,247. These figures illustrate the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Bivalve's tax rates can be relatively high, affecting homeowners' annual budgets significantly. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Bivalve Tax Bill
$987
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Bivalve, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21814 | $362 | $681 | $987 | $1,541 | $2,247 |
Source: Ownwell