Galestown, Maryland Property Taxes
The median property tax rate in Galestown, MD is 1.13%, noticeably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $145,200 in Galestown, the typical annual property tax bill amounts to $1,826, which is lower than the national median of $2,690. Property taxes in Galestown are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Galestown'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 Galestown or another part of Dorchester County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galestown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,641
Ownwell’s Galestown Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick and easy way to estimate their annual property taxes in Galestown. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in the area to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for tax purposes, including any applicable exemptions.
Property Tax Rates Across Galestown, Maryland
Property taxes in Galestown, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency response. The median tax rate in Galestown is 1.13%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Galestown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galestown 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 Galestown's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21659 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Galestown 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 Galestown Tax Rate
1.13%
Average Dorchester County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galestown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21659 | 1.11% | 1.13% | 1.13% | 1.20% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Galestown, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Galestown, Maryland. 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 Galestown, 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. In Galestown, the highest and lowest median tax bills are both $1826, found in zip code 21659. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galestown Assessed Value
$145,200
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 Galestown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21659 | $98,720 | $142,700 | $145,200 | $165,500 | $235,340 |
Source: Ownwell
Property Tax Bills Across Galestown, Maryland
In Galestown, located in Dorchester County, MD, property tax bills are calculated based on the assessed value of the home and the local property tax rate. The median home price in Galestown stands at $145,200, which serves as a basis for determining the tax bill. The local property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including changes in property values and adjustments in the local tax rate. For instance, homeowners in the 25th percentile can expect a tax bill around $1,607, while those in the 75th percentile might see a bill closer to $2,063. At the higher end, the 90th percentile tax bill reaches up to $2,737. These property taxes directly impact homeowners by influencing their annual financial planning and potentially affecting property values. Compared to the national median property tax rate of 0.99%, Galestown's tax rates reflect the local economic conditions and funding requirements for public services.
Average Galestown Tax Bill
$1,826
Average Dorchester County Tax Bill
$2,036
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Galestown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21659 | $1,142 | $1,607 | $1,826 | $2,063 | $2,737 |
Source: Ownwell