Oldtown, Maryland Property Taxes
The median property tax rate in Oldtown, MD is 1.05%, slightly higher than the national median of 0.99% but just below Maryland's state median of 1.06%. With a median home value of $111,500, the typical annual property tax bill in Oldtown is $1,123, which is lower than the national median of $2,690. Property taxes in Oldtown are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oldtown'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 Oldtown 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
Oldtown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,171
$1,086
Ownwell’s Oldtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oldtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oldtown 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 Oldtown, Maryland
Property taxes in Oldtown, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oldtown is 1.05%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Oldtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oldtown 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 Oldtown's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21555 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Oldtown provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oldtown Tax Rate
1.05%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oldtown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21555 | 1.00% | 1.03% | 1.05% | 1.06% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Oldtown, Maryland
In Oldtown, Maryland, understanding the difference between "market value" and "assessed value" is essential 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 Allegany 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 Oldtown, 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 Oldtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 21555, with a median tax bill of $1,123.
Average Oldtown Assessed Value
$111,500
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oldtown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21555 | $44,380 | $69,000 | $111,500 | $164,050 | $229,720 |
Source: Ownwell
Property Tax Bills Across Oldtown, Maryland
In Oldtown, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and reflects a percentage of the market value of the home. For instance, with a median home price of $111,500 in Oldtown, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $691, while at the 75th percentile, it reaches $1,680, and at the 90th percentile, it can go up to $2,288. These tax bills are influenced by several factors including property size, location, and any applicable exemptions. The local tax rate in Allegany County may differ from the national median property tax rate of 0.99%, impacting the overall tax burden on homeowners. Understanding these variables helps homeowners anticipate their annual tax obligations and manage their finances more effectively. The highest median tax bill in the area is $1,123, providing a benchmark for residents to compare their own tax liabilities.
Average Oldtown Tax Bill
$1,123
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Oldtown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21555 | $452 | $691 | $1,123 | $1,680 | $2,288 |
Source: Ownwell