Wye Mills, Maryland Property Taxes
The median property tax rate in Wye Mills, MD is 0.93%, slightly lower than the national median of 0.99% and the Maryland state median of 1.06%. With a median home value in Wye Mills of $347,400, the typical annual property tax bill amounts to $3,215, surpassing the national median of $2,690. Property taxes in Wye Mills are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wye Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wye Mills 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
Wye Mills, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$3,231
$2,998
Ownwell’s Wye Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wye Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wye Mills 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 Wye Mills, Maryland
Property taxes in Wye Mills, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wye Mills is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Wye Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wye Mills 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 Wye Mills' effective property tax rate to other counties in Maryland and the national median. For comparison, the 21679 zip code within Queen Anne's County has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Wye Mills provides valuable insights into the varying tax landscape across Queen Anne's County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wye Mills Tax Rate
0.93%
Average Queen Anne's County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wye Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21679 | 0.89% | 0.90% | 0.93% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Wye Mills, Maryland
In Wye Mills, 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 Queen Anne's 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 Wye Mills, 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 Wye Mills 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 $3,215, located in the 21679 zip code.
Average Wye Mills Assessed Value
$347,400
Average Queen Anne's County Assessed Value
$361,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wye Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21679 | $214,120 | $241,400 | $347,400 | $514,750 | $558,780 |
Source: Ownwell
Property Tax Bills Across Wye Mills, Maryland
In Wye Mills, located in Queen Anne's County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The county assesses properties to determine their value, which serves as the basis for taxation. Homeowners in Wye Mills experience a range of tax bills, with amounts varying significantly. For instance, the 25th percentile tax bill is around $2,182, while the 75th percentile tax bill reaches $4,849. At the higher end, the 90th percentile tax bill is approximately $5,176. These property tax bills are influenced by factors such as the home's assessed value, local tax rates, and any applicable exemptions or deductions. With a median home price of $347,400, homeowners in Wye Mills may find their property tax bills higher or lower than the national median property tax rate of 0.99%, depending on the specific assessed value of their property. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Wye Mills Tax Bill
$3,215
Average Queen Anne's County Tax Bill
$3,399
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Wye Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21679 | $1,889 | $2,182 | $3,215 | $4,849 | $5,176 |
Source: Ownwell