Taylors Island, Maryland Property Taxes
The median property tax rate in Taylors Island, MD is 1.14%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Taylors Island, the typical annual property tax bill reaches $2,125, slightly below the national median of $2,690. Property taxes in Taylors Island 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 Taylors Island'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 Taylors Island 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
Taylors Island, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,261
Ownwell’s Taylors Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylors Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylors Island 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 Taylors Island, Maryland
Property taxes in Taylors Island, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylors Island stands at 1.14%, which is higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Taylors Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylors Island 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 Taylors Island's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21669 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these areas compare with Taylors Island 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 Taylors Island Tax Rate
1.14%
Average Dorchester County Tax Rate
1.17%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylors Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21669 | 1.12% | 1.13% | 1.14% | 1.18% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Taylors Island, Maryland
In Taylors Island, 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 Taylors Island, 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. For instance, the highest median tax bill in the area is $2,125 in the 21669 zip code, while the lowest median tax bill is also $2,125 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Taylors Island, Maryland
Source: Ownwell
$28,000
$168,850
$309,700
Average Taylors Island Assessed Value
$198,350
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 Taylors Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21669 | $43,650 | $84,475 | $198,350 | $347,100 | $514,750 |
Source: Ownwell
Property Tax Bills Across Taylors Island, Maryland
In Taylors Island, located in Dorchester County, MD, property tax bills are calculated based on the assessed value of a home. This value is determined by the county assessor and is a percentage of the property's market value. For example, with a median home price of $198,350, the tax bill can vary significantly. The 25th percentile tax bill is around $938, while the 75th percentile reaches $3,815, and the 90th percentile goes up to $5,628. These figures illustrate the range homeowners can expect to pay, depending on the assessed value of their property and specific local tax rates. The tax rate in Taylors Island is influenced by various factors, including local government budgets, school funding, and public services. With the national median property tax rate at 0.99%, homeowners in this area may find their tax bills to be higher or lower based on these local determinants. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Taylors Island Tax Bill
$2,125
Average Dorchester County Tax Bill
$2,036
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylors Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21669 | $537 | $938 | $2,125 | $3,815 | $5,628 |
Source: Ownwell