Deal Island, Maryland Property Taxes
The median property tax rate in Deal Island, MD is 1.11%, higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Deal Island at $102,650, the typical annual property tax bill reaches $1,156, exceeding the national median of $2,690. Property taxes in Deal Island 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 Deal Island'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 Deal Island 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
Deal Island, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,139
Ownwell’s Deal Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deal Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deal Island 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 Deal Island, Maryland
Property taxes in Deal Island, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deal Island is 1.11%, higher than the U.S. national median of 0.99%. Local government entities within Deal Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deal Island 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 Deal Island's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21821 zip code has the highest median property tax rate of 1.11%, while the same 21821 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Deal Island 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 Deal Island Tax Rate
1.11%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deal Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21821 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Deal Island, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Deal Island, 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 Somerset County Assessment Office 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 Deal Island, 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 Deal Island is $102,650, with tax bills ranging significantly. The 25th percentile tax bill is $613, while the 75th percentile reaches $2,327, and the 90th percentile hits $3,556. Notably, the highest and lowest median tax bills are both $1,156 in the 21821 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deal Island Assessed Value
$102,650
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 Deal Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21821 | $32,400 | $54,950 | $102,650 | $208,600 | $317,450 |
Source: Ownwell
Property Tax Bills Across Deal Island, Maryland
In Deal Island, Somerset County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Deal Island is $102,650. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $613, while the 75th percentile reaches $2,327, and the 90th percentile can be as high as $3,556. These figures highlight the range of tax liabilities homeowners might face. The property tax rate in Deal Island is influenced by several factors, including the home's assessed value, any applicable exemptions, and the current tax rate set by local authorities. This variability means that while some homeowners might enjoy relatively low tax bills, others could face higher financial obligations. Compared to the national median property tax rate of 0.99%, Deal Island's tax rates reflect a broader spectrum, impacting homeowners differently depending on their property's assessed value and specific circumstances.
Average Deal Island Tax Bill
$1,156
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Deal Island, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21821 | $365 | $613 | $1,156 | $2,327 | $3,556 |
Source: Ownwell