Sharptown, Maryland Property Taxes
The median property tax rate in Sharptown, MD is 1.00%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With a median home value of $91,800 in Sharptown, the typical annual property tax bill is $907, which is significantly below the national median of $2,690. Property taxes in Sharptown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Sharptown'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 Sharptown 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
Sharptown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$918
Ownwell’s Sharptown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharptown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharptown 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 Sharptown, Maryland
Property taxes in Sharptown, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharptown is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Sharptown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharptown 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 Sharptown's effective property tax rate to other areas in Wicomico County and the national median. For comparison, the 21861 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Sharptown 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 Sharptown 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 Sharptown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21861 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Sharptown, Maryland
In Sharptown, 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 Sharptown, 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 Sharptown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sharptown is $91,800, with the 25th percentile tax bill at $702 and the 75th percentile tax bill at $1,296. Notably, the highest and lowest median tax bills in the area are both $907 in the 21861 zip code.
Average Sharptown Assessed Value
$91,800
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 Sharptown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21861 | $56,900 | $70,600 | $91,800 | $132,000 | $170,200 |
Source: Ownwell
Property Tax Bills Across Sharptown, Maryland
In Sharptown, located in Wicomico County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Sharptown is $91,800. Property tax rates are applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile pay around $702 annually, while those in the 75th percentile see bills closer to $1,296. At the 90th percentile, the tax bill can reach up to $1,685. Factors influencing the tax bill include the assessed value of the property, which is determined by local government assessments, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Sharptown's rates reflect the local economic conditions and public service funding needs. The highest and lowest median tax bills in the area are both $907, indicating a relatively consistent tax rate across different properties in the zip code 21861. This consistency helps homeowners predict their annual expenses and budget accordingly.
Average Sharptown Tax Bill
$907
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharptown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21861 | $567 | $702 | $907 | $1,296 | $1,685 |
Source: Ownwell