Whaleyville, Maryland Property Taxes
The median property tax rate in Whaleyville, MD is 0.82%, which is lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Whaleyville at $233,800, the typical annual property tax bill amounts to $1,763, significantly below the national median of $2,690. Property taxes in Whaleyville are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Whaleyville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Whaleyville or another part of Worcester County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Whaleyville, 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 Whaleyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whaleyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whaleyville 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 Whaleyville, Maryland
Property taxes in Whaleyville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whaleyville stands at 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Whaleyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whaleyville 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 Whaleyville's effective property tax rate to other areas in Worcester County and the national median. For comparison, the highest and lowest median property tax rates in Worcester County are both found in the 21872 zip code, standing at 0.82%. Understanding how these areas compare with Whaleyville provides valuable insights into the varying tax landscape across Worcester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Whaleyville Tax Rate
0.82%
Average Worcester County Tax Rate
1.41%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whaleyville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21872 | 0.62% | 0.71% | 0.82% | 0.88% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Whaleyville, Maryland
In Whaleyville, 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 Worcester County assessment office 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 Whaleyville, 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 Whaleyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Whaleyville are both $1,763 in zip code 21872.
Average Whaleyville Assessed Value
$233,800
Average Worcester County Assessed Value
$251,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Whaleyville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21872 | $107,260 | $163,000 | $233,800 | $309,250 | $401,720 |
Source: Ownwell
Property Tax Bills Across Whaleyville, Maryland
In Whaleyville, located in Worcester County, MD, property tax bills are calculated based on the assessed value of a home. Homeowners in this region typically see their property taxes influenced by the assessed value rather than the market value. The median home price in Whaleyville is $233,800, which plays a significant role in determining the tax bill. Factors such as property location, size, and improvements can also impact the assessed value. The property tax rate in Whaleyville is in line with the state's regulations, and it is important to note that the national median property tax rate stands at 0.99%. For homeowners, this means that their tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,173, while at the 75th percentile, it rises to $2,476. At the 90th percentile, it can reach as high as $3,345. These variations underscore the importance of understanding local property tax assessments and how they affect annual financial obligations for homeowners.
Average Whaleyville Tax Bill
$1,763
Average Worcester County Tax Bill
$2,901
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Whaleyville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21872 | $817 | $1,173 | $1,763 | $2,476 | $3,345 |
Source: Ownwell