Port Deposit, Maryland Property Taxes
The median property tax rate in Port Deposit, MD is 0.85%, 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 Port Deposit at $251,500, the typical annual property tax bill reaches $2,181, falling below the national median of $2,690. Property taxes in Port Deposit are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Port Deposit'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 Port Deposit 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
Port Deposit, 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 Port Deposit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Deposit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Deposit 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 Port Deposit, Maryland
Property taxes in Port Deposit, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Deposit is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Port Deposit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Deposit 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 Port Deposit's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21904 has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Port Deposit 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 Port Deposit Tax Rate
0.85%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Deposit, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21904 | 0.68% | 0.76% | 0.85% | 0.96% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Port Deposit, Maryland
In Port Deposit, 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 Port Deposit, 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 Port Deposit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Port Deposit is $251,500, with tax bills ranging from $1,592 at the 25th percentile to $3,045 at the 75th percentile, and $3,839 at the 90th percentile. The zip code 21904 has both the highest and lowest median tax bill at $2,181.
Average Port Deposit Assessed Value
$251,500
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 Port Deposit, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21904 | $128,770 | $183,300 | $251,500 | $335,375 | $408,590 |
Source: Ownwell
Property Tax Bills Across Port Deposit, Maryland
In Port Deposit, located in Cecil County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and typically reflects a percentage of the property's market value. Homeowners in this area can expect property tax bills to vary significantly depending on the value of their property and the specific tax rate applied. Several factors influence the final tax bill, including the property's assessed value and the local tax rate. For instance, with a median home price of $251,500, the property tax bill can range from $1,592 at the 25th percentile to $3,839 at the 90th percentile. This variability highlights how different property values and local tax rates can impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, homeowners in Port Deposit may experience higher or lower tax bills depending on their property's assessed value and the specific rates set by Cecil County. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Port Deposit Tax Bill
$2,181
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Deposit, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21904 | $1,095 | $1,592 | $2,181 | $3,045 | $3,839 |
Source: Ownwell