New Market, Frederick County, Maryland Property Taxes
The median property tax rate in New Market, 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 New Market, the typical annual property tax bill reaches $5,088, exceeding the national median of $2,690. Property taxes in New Market are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Market'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 New Market 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
New Market, Frederick County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$4,982
$4,624
Ownwell’s New Market Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Market 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 New Market, Frederick County, Maryland
Property taxes in New Market, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 1.14%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Market 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 New Market's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21774 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with New Market provides valuable insights into the varying tax landscape across Frederick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Market Tax Rate
1.14%
Average Frederick County Tax Rate
1.20%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Market, Frederick County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21774 | 1.07% | 1.11% | 1.14% | 1.18% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Frederick County, Maryland
In New Market, 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 Frederick 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 New Market, 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 New Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. New Market's median home price is $437,050, with tax bills ranging from $4,188 at the 25th percentile to $7,319 at the 90th percentile. The zip code 21774 has both the highest and lowest median tax bill, which is $5,088.
Property Tax Assessment Values Across New Market, Frederick County, Maryland
Source: Ownwell
$211,100
$375,950
$540,800
Average New Market Assessed Value
$437,050
Average Frederick County Assessed Value
$362,500
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Market, Frederick County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21774 | $281,310 | $357,825 | $437,050 | $541,475 | $640,290 |
Source: Ownwell
Property Tax Bills Across New Market, Frederick County, Maryland
In New Market, located in Frederick County, MD, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in this area is $437,050. Homeowners can expect their tax bills to vary widely; for instance, the 25th percentile tax bill is $4,188, while the 75th percentile tax bill reaches $6,197. The tax bill at the 90th percentile is even higher, at $7,319. These figures illustrate the range of property tax obligations residents may face. The local tax rate is applied to the assessed value of the property to determine the tax bill. This means that as home values increase, so do the property taxes. For comparison, the national median property tax rate is 0.99%, which can help homeowners gauge how their local taxes stack up against national averages. In zip code 21774, the highest and lowest median tax bills are both recorded at $5,088, indicating some consistency in this specific area. Understanding these factors can help homeowners plan their finances better and anticipate their annual obligations.
Average New Market Tax Bill
$5,088
Average Frederick County Tax Bill
$4,509
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Frederick County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21774 | $3,285 | $4,188 | $5,088 | $6,197 | $7,319 |
Source: Ownwell