Elliott, Maryland Property Taxes
The median property tax rate in Elliott, MD is 1.33%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Elliott, the typical annual property tax bill reaches $371, which is significantly lower than the national median of $2,690. Property taxes in Elliott 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 Elliott'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 Elliott 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
Elliott, 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 Elliott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elliott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elliott 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 Elliott, Maryland
Property taxes in Elliott, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elliott is 1.33%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Elliott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elliott 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 Elliott's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21869 zip code has both the highest and lowest median property tax rate of 1.33%. Understanding how these areas compare with Elliott provides valuable insights into the varying tax landscape across Dorchester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elliott Tax Rate
1.33%
Average Dorchester County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elliott, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21869 | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Elliott, Maryland
In Elliott, 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 Dorchester 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 Elliott, 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 Elliott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $371, found in the 21869 zip code.
Average Elliott Assessed Value
$28,000
Average Dorchester County Assessed Value
$163,800
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elliott, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21869 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 |
Source: Ownwell
Property Tax Bills Across Elliott, Maryland
In Elliott, located in Dorchester County, MD, property tax bills are determined based on the assessed value of a home. The median home price in Elliott is $28,000. Property taxes are calculated by applying the local tax rate to this assessed value. In Elliott, the median property tax bill stands at $371, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the assessed value of the property and the local tax rate set by the county. All properties in Elliott, regardless of their value, have a consistent tax bill at the 25th, 75th, and 90th percentiles, which is $371. This uniformity simplifies the estimation of property taxes for homeowners. For homeowners, this means relatively predictable annual tax expenses, making it easier to budget for property-related costs. The lower tax rate in Elliott compared to the national average can be an attractive factor for potential homebuyers, potentially boosting the local real estate market.
Average Elliott Tax Bill
$371
Average Dorchester County Tax Bill
$2,036
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Elliott, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21869 | $371 | $371 | $371 | $371 | $371 |
Source: Ownwell