Hydes, Maryland Property Taxes
The median property tax rate in Hydes, MD is 1.00%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With the median home value in Hydes, the typical annual property tax bill reaches $2,608, which is just below the national median of $2,690. Property taxes in Hydes are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Hydes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hydes 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
Hydes, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,690
Ownwell’s Hydes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hydes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hydes 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 Hydes, Maryland
Property taxes in Hydes, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hydes is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Hydes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hydes 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 Hydes' effective property tax rate to other counties in Maryland and the national median. For comparison, the 21082 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Hydes provides valuable insights into the varying tax landscape across Harford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hydes Tax Rate
1.00%
Average Harford County Tax Rate
0.99%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hydes, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21082 | 0.89% | 0.98% | 1.00% | 1.03% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Hydes, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hydes, 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 Harford 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 Hydes, 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. The median home price in Hydes is $269,000, with tax bills ranging from $2,320 at the 25th percentile to $3,850 at the 90th percentile. 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 Hydes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hydes Assessed Value
$269,000
Average Harford County Assessed Value
$279,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hydes, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21082 | $190,640 | $236,550 | $269,000 | $362,900 | $466,460 |
Source: Ownwell
Property Tax Bills Across Hydes, Maryland
In Hydes, Harford County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by local government authorities. The assessed value is a percentage of the market value of the property. Homeowners in Hydes face varying tax bills, influenced by factors such as the property's size, location, and any improvements made. The median home price in Hydes is $269,000, and the property tax rate is applied to this assessed value to determine the tax bill. For instance, homeowners in the 25th percentile pay around $2,320, while those in the 75th percentile pay approximately $3,398. The highest tax bills, in the 90th percentile, reach up to $3,850. Compared to the national median property tax rate of 0.99%, Hydes homeowners experience a relatively moderate tax burden. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Hydes Tax Bill
$2,608
Average Harford County Tax Bill
$2,716
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Hydes, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21082 | $1,612 | $2,320 | $2,608 | $3,398 | $3,850 |
Source: Ownwell