Crisfield, Somerset County, Maryland Property Taxes
The median property tax rate in Crisfield, MD is 0.86%, notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value in Crisfield, the typical annual property tax bill amounts to $1,057, which is significantly less than the national median of $2,690. Property taxes in Crisfield 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 Crisfield'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 Crisfield or another part of Somerset County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crisfield, Somerset County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,056
$980
Ownwell’s Crisfield Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Crisfield, Somerset County. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Crisfield to provide an accurate estimate of your property tax bill. This insightful tool allows you to understand your potential tax liabilities with ease. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Crisfield, Somerset County, Maryland
Property taxes in Crisfield, Maryland, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crisfield is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Crisfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crisfield 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 Crisfield's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21817 zip code has both the highest and the lowest median property tax rate of 0.86%. Understanding how these areas compare with Crisfield provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crisfield Tax Rate
0.86%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crisfield, Somerset County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21817 | 0.79% | 0.83% | 0.86% | 0.90% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Crisfield, Somerset County, Maryland
In Crisfield, 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 Somerset 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 Crisfield, 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 Crisfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 21817, with a median tax bill of $1057.
Property Tax Assessment Values Across Crisfield, Somerset County, Maryland
Source: Ownwell
$50,050
$95,175
$140,300
Average Crisfield Assessed Value
$122,750
Average Somerset County Assessed Value
$114,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crisfield, Somerset County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21817 | $54,900 | $80,800 | $122,750 | $207,200 | $286,120 |
Source: Ownwell
Property Tax Bills Across Crisfield, Somerset County, Maryland
Property tax bills in Crisfield, located in Somerset County, MD, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the home. For example, with a median home price of $122,750 in Crisfield, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $695, while those in the 75th percentile could see bills as high as $1,748. The 90th percentile tax bill reaches up to $2,511. Factors influencing the tax bill include property size, location, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Crisfield's property taxes can be relatively moderate, but the impact on homeowners can vary widely depending on their property's assessed value. This variation underscores the importance of understanding local property tax assessments and potential exemptions to manage financial planning effectively.
Average Crisfield Tax Bill
$1,057
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Crisfield, Somerset County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21817 | $480 | $695 | $1,057 | $1,748 | $2,511 |
Source: Ownwell