Colora, Maryland Property Taxes
The median property tax rate in Colora, MD is 0.76%, which is lower than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Colora at $275,550, the typical annual property tax bill is $2,114, falling short of the national median of $2,690. Property taxes in Colora are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Colora'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 Colora or another part of Cecil County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colora, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,094
$1,943
Ownwell’s COLORA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COLORA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COLORA 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 Colora, Maryland
Property taxes in COLORA, Maryland, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in COLORA is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within COLORA set these rates annually, and they can vary across different neighborhoods. Each year, COLORA 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 COLORA's effective property tax rate to other areas in Cecil County and the national median. For comparison, the 21917 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with COLORA provides valuable insights into the varying tax landscape across Cecil County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colora Tax Rate
0.76%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colora, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21917 | 0.63% | 0.70% | 0.76% | 0.83% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Colora, Maryland
In Colora, 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 Cecil 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 Colora, 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 Colora 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 21917, both at $2,114.
Average Colora Assessed Value
$275,550
Average Cecil County Assessed Value
$239,900
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colora, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21917 | $184,210 | $223,100 | $275,550 | $333,650 | $398,030 |
Source: Ownwell
Property Tax Bills Across Colora, Maryland
In COLORA, located in Cecil County, MD, property tax bills are determined by assessing the value of a homeowner's property and applying the local tax rate. The assessed value is a percentage of the property's market value. Homeowners in COLORA experience a range of tax bills, with the 25th percentile at $1,637 and the 75th percentile at $2,736, reflecting the variability in property values and tax rates within the area. The highest median tax bill in the region is $2,114, while the lowest median tax bill is also $2,114, indicating a uniform tax rate across different properties in the same zip code. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, these tax bills can significantly impact annual expenses, making it crucial to understand the assessment process and potential savings opportunities. The national median property tax rate is 0.99%, providing a benchmark for comparing local rates and understanding the relative tax burden in COLORA.
Average Colora Tax Bill
$2,114
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Colora, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21917 | $1,276 | $1,637 | $2,114 | $2,736 | $3,311 |
Source: Ownwell