Elk Mills, Maryland Property Taxes
The median property tax rate in Elk Mills, MD is 0.68%, considerably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Elk Mills at $154,700, the typical annual property tax bill reaches $1,134, which is significantly below the national median of $2,690. Property taxes in Elk Mills are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elk Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elk Mills 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
Elk Mills, 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 Elk Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Mills 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 Cecil County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elk Mills, Maryland
Property taxes in Elk Mills, Maryland, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Mills is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Elk Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Mills 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 Elk Mills' effective property tax rate to other areas in Maryland and the national median. For comparison, the 21920 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Elk Mills 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 Elk Mills Tax Rate
0.68%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21920 | 0.45% | 0.57% | 0.68% | 1.01% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Elk Mills, Maryland
In Elk Mills, 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 Elk Mills, 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. For example, the median home price in Elk Mills is $154,700, with tax bills ranging from $749 at the 25th percentile to $2,595 at the 90th percentile. The highest and lowest median tax bills are both $1,134 in the 21920 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elk Mills Assessed Value
$154,700
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 Elk Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21920 | $73,820 | $116,000 | $154,700 | $243,800 | $333,820 |
Source: Ownwell
Property Tax Bills Across Elk Mills, Maryland
In Elk Mills, Cecil 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 Elk Mills is $154,700, which serves as a baseline for determining tax obligations. Homeowners' tax bills can vary significantly, with the 25th percentile paying around $749 and the 75th percentile reaching up to $1,895. For those at the 90th percentile, tax bills can climb to $2,595. Factors influencing these variations include property size, location, and any applicable exemptions or deductions. The local tax rate is applied to the assessed value to determine the final tax bill. With the national median property tax rate at 0.99%, the tax burden in Elk Mills can be considered relatively moderate. These taxes directly impact homeowners by influencing their overall housing costs and can affect decisions related to buying or selling property. Understanding how these bills are calculated helps homeowners manage their finances more effectively.
Average Elk Mills Tax Bill
$1,134
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21920 | $368 | $749 | $1,134 | $1,895 | $2,595 |
Source: Ownwell