Warwick, Maryland Property Taxes
The median property tax rate in Warwick, MD is 0.90%, slightly below the state median of 1.06% but still above the national median of 0.99%. With a median home value of $343,400, the typical annual property tax bill in Warwick reaches $3,107, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Warwick'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 Warwick or another part of Cecil County, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warwick, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$3,091
Ownwell’s Warwick Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Warwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warwick to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in neighborhood-specific trends, more localized information is available by scrolling down. Your property’s assessed value, determined by Cecil County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Warwick, Maryland
Property taxes in Warwick, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warwick is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Warwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warwick 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 Warwick's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21912 zip code has the highest median property tax rate of 0.90%, while the lowest median tax rate is also 0.90%. Understanding how these cities compare with Warwick 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 Warwick Tax Rate
0.90%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warwick, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21912 | 0.67% | 0.81% | 0.90% | 0.97% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Warwick, Maryland
In Warwick, 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 Warwick, 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 Warwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Warwick is $3107 in the 21912 zip code, while the lowest median tax bill is also $3107 in the same zip code.
Average Warwick Assessed Value
$343,400
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 Warwick, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21912 | $123,100 | $203,625 | $343,400 | $520,500 | $667,730 |
Source: Ownwell
Property Tax Bills Across Warwick, Maryland
In Warwick, located in Cecil County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the local government. The median home price in Warwick is $343,400. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Warwick can expect their tax bills to vary significantly. For instance, those in the 25th percentile might pay around $1,783, while those in the 75th percentile could see bills as high as $4,737. At the 90th percentile, tax bills can reach up to $6,403. Comparing these figures to the national median property tax rate of 0.99%, Warwick's tax bills can be relatively high or low depending on the assessed value and applicable rates. This variability underscores the importance of understanding local tax assessments and potential exemptions to manage property tax expenses effectively.
Average Warwick Tax Bill
$3,107
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Warwick, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21912 | $948 | $1,783 | $3,107 | $4,737 | $6,403 |
Source: Ownwell