Delmar, Maryland Property Taxes
The median property tax rate in Delmar, MD is 1.00%, slightly above the national median of 0.99% but below the Maryland state median of 1.06%. With the median home value in Delmar, the typical annual property tax bill reaches $1,628, which is lower than the national median of $2,690. Property taxes in Delmar are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Delmar'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 Delmar 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
Delmar, 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 Delmar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Delmar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Delmar 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 Delmar, Maryland
Property taxes in Delmar, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Delmar is 1.00%, which is higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Delmar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Delmar 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 Delmar's effective property tax rate to other areas in Maryland and the national median. For comparison, the 21875 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Delmar 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 Delmar 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 Delmar, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21875 | 0.79% | 0.85% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Delmar, Maryland
In Delmar, 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 Delmar, 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 Delmar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Delmar are both $1,628, found in the 21875 zip code.
Average Delmar Assessed Value
$172,950
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 Delmar, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21875 | $70,100 | $111,075 | $172,950 | $236,825 | $301,050 |
Source: Ownwell
Property Tax Bills Across Delmar, Maryland
In Delmar, Wicomico County, MD, property tax bills are calculated based on the assessed value of a homeowner's property and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value. Once the assessment is made, the tax rate is applied to this value to calculate the annual tax bill. For example, with a median home price of $172,950, homeowners can expect a tax bill that varies significantly within the community. The tax bill at the 25th percentile is approximately $1,113, while those at the 75th percentile pay around $2,115. At the 90th percentile, the tax bill can rise to $2,713. These figures show how property taxes can vary widely even within the same area, depending on the assessed property values. Comparatively, the national median property tax rate is 0.99%, indicating that property tax rates in Delmar may be higher or lower than the national average, impacting homeowners' annual financial planning.
Average Delmar Tax Bill
$1,628
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Delmar, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21875 | $736 | $1,113 | $1,628 | $2,115 | $2,713 |
Source: Ownwell