Woodbine, Maryland Property Taxes
The median property tax rate in Woodbine, MD is 0.84%, which is lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $702,400 in Woodbine, the typical annual property tax bill reaches $6,082, significantly exceeding the national median of $2,690. Property taxes in Woodbine are based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Woodbine's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Woodbine or another part of Howard County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodbine, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$5,900
$5,475
Ownwell’s Woodbine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodbine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodbine 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 Woodbine, Maryland
Property taxes in Woodbine, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbine is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Woodbine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbine 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 Woodbine's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 21797 has both the highest and lowest median property tax rate of 0.84%, indicating uniformity in tax rates within the region. Understanding how these cities compare with Woodbine provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodbine Tax Rate
0.84%
Average Howard County Tax Rate
1.04%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodbine, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21797 | 0.77% | 0.80% | 0.84% | 0.92% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Woodbine, Maryland
In Woodbine, 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 Howard 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. Assessment notices in Woodbine 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 Woodbine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Woodbine is $702,400, with median tax bills ranging from $4,742 at the 25th percentile to $9,639 at the 90th percentile. The zip code 21797 has both the highest and lowest median tax bill at $6,082.
Average Woodbine Assessed Value
$702,400
Average Howard County Assessed Value
$465,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodbine, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21797 | $457,640 | $562,550 | $702,400 | $916,625 | $1,158,340 |
Source: Ownwell
Property Tax Bills Across Woodbine, Maryland
In Woodbine, located in Howard County, MD, property tax bills are determined by the assessed value of a home and the local tax rate. The median home price in Woodbine is $702,400, which provides a basis for calculating property taxes. The tax bill is influenced by several factors, including the property's assessed value and the local tax rate, which is applied to this value. For instance, homeowners in Woodbine experience tax bills ranging from the 25th percentile at $4,742 to the 90th percentile at $9,639. These tax bills can significantly impact homeowners, as they represent a substantial annual expense. The highest median tax bill in the area is $6,082, which is notably higher than the national median property tax rate of 0.99%. This higher tax burden can influence decisions on home purchases and long-term financial planning for residents. Understanding these factors is crucial for homeowners to effectively manage their property-related expenses.
Average Woodbine Tax Bill
$6,082
Average Howard County Tax Bill
$4,834
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodbine, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21797 | $3,985 | $4,742 | $6,082 | $7,888 | $9,639 |
Source: Ownwell