Georgetown, Maryland Property Taxes
The median property tax rate in Georgetown, MD is 1.10%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Georgetown at $197,400, the typical annual property tax bill reaches $2,009, which is below the national median of $2,690. Property taxes in Georgetown 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 Georgetown'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 Georgetown 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
Georgetown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,171
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Maryland
Property taxes in Georgetown, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 1.10%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21930 zip code has the highest median property tax rate of 1.10%, while the 21930 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Georgetown 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 Georgetown Tax Rate
1.10%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21930 | 0.73% | 0.85% | 1.10% | 1.13% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Maryland
In Georgetown, 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Georgetown is $2009.00 in zip code 21930, which is also the lowest median tax bill.
Average Georgetown Assessed Value
$197,400
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 Georgetown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21930 | $84,600 | $132,900 | $197,400 | $366,950 | $1,006,400 |
Source: Ownwell
Property Tax Bills Across Georgetown, Maryland
In Georgetown, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. Homeowners in Georgetown experience a range of tax bills, influenced by the property's assessed value and the local tax rate. The median home price in Georgetown is $197,400, which plays a significant role in determining the tax bill. For instance, the 25th percentile tax bill is $1,337, while the 75th percentile tax bill reaches $4,069. At the higher end, the 90th percentile tax bill can soar to $10,180, indicating a wide variance based on property value and specific assessments. These property taxes fund essential public services such as education, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life. Compared to the national median property tax rate of 0.99%, Georgetown's tax rates reflect the local economic conditions and public service needs.
Average Georgetown Tax Bill
$2,009
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21930 | $742 | $1,337 | $2,009 | $4,069 | $10,180 |
Source: Ownwell