Broomes Island, Maryland Property Taxes
The median property tax rate in Broomes Island, MD is 1.04%, 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 $334,200 in Broomes Island, the typical annual property tax bill reaches $3,481, surpassing the national median of $2,690. Property taxes in Broomes Island are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broomes Island'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 Broomes Island 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
Broomes Island, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$3,476
$3,225
Ownwell’s Broomes Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broomes Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broomes Island 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 Broomes Island, Maryland
Property taxes in Broomes Island, Maryland, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Broomes Island is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Broomes Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broomes Island 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 Broomes Island's effective property tax rate to other areas in Calvert County and the national median. For comparison, the highest and lowest median property tax rates in Calvert County are both found in Broomes Island, with a rate of 1.04%. Understanding how these figures compare with Broomes Island provides valuable insights into the varying tax landscape across Calvert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broomes Island Tax Rate
1.04%
Average Calvert County Tax Rate
1.01%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broomes Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20615 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Broomes Island, Maryland
In Broomes Island, 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 Calvert 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 Broomes Island, 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. The highest median tax bill in the area is $3,481, and the lowest is also $3,481, both in the 20615 zip code. 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 Broomes Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Broomes Island, Maryland
Source: Ownwell
$226,700
$359,550
$492,400
Average Broomes Island Assessed Value
$334,200
Average Calvert County Assessed Value
$346,200
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broomes Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20615 | $157,500 | $213,400 | $334,200 | $517,100 | $669,600 |
Source: Ownwell
Property Tax Bills Across Broomes Island, Maryland
In Broomes Island, situated in Calvert County, MD, property tax bills are determined based on the assessed value of a property, which is distinct from its market value. The median home price in the area is $334,200, and the property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value, thereby affecting the tax bill. For homeowners, the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $2,221, while at the 75th percentile, it rises to $5,394. At the 90th percentile, homeowners might see a tax bill as high as $6,960. This means that while some homeowners may pay relatively modest taxes, others could face considerably higher bills depending on their property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, property taxes in Broomes Island reflect the unique economic and real estate conditions of Calvert County.
Average Broomes Island Tax Bill
$3,481
Average Calvert County Tax Bill
$3,494
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Broomes Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20615 | $1,682 | $2,221 | $3,481 | $5,394 | $6,960 |
Source: Ownwell