Galena, Maryland Property Taxes
The median property tax rate in Galena, 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 Galena, the typical annual property tax bill reaches $2,731, slightly exceeding the national median of $2,690. Property taxes in Galena 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 Galena'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 Galena or another part of Kent County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galena, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,604
$2,416
Ownwell’s Galena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galena 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 Galena, Maryland
Property taxes in Galena, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galena is 1.14%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Galena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galena 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 Galena's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21635 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these areas compare with Galena provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galena Tax Rate
1.14%
Average Kent County Tax Rate
1.12%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galena, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21635 | 1.08% | 1.12% | 1.14% | 1.21% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Galena, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Galena, 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 Kent 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 Galena, 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 Galena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,731 in zip code 21635.
Average Galena Assessed Value
$228,400
Average Kent County Assessed Value
$227,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galena, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21635 | $122,100 | $167,800 | $228,400 | $332,100 | $525,150 |
Source: Ownwell
Property Tax Bills Across Galena, Maryland
In Galena, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The tax rate for Kent County, where Galena is located, is applied to this assessed value to determine your annual property tax bill. Several factors contribute to the final tax bill, including the market value of the property, any applicable exemptions, and local tax rates. For instance, the median home price in Galena is $228,400. Homeowners in the 25th percentile pay around $1,992, while those in the 75th percentile face bills closer to $3,714. At the 90th percentile, tax bills can reach as high as $5,800. These figures highlight the variability in property tax bills depending on property values and assessment details. Compared to the national median property tax rate of 0.99%, Galena's property tax rates can significantly impact homeowners, influencing decisions about purchasing and maintaining property in the area. Understanding these factors helps homeowners better anticipate their annual financial obligations.
Average Galena Tax Bill
$2,731
Average Kent County Tax Bill
$2,628
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Galena, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21635 | $1,402 | $1,992 | $2,731 | $3,714 | $5,800 |
Source: Ownwell