Princess Anne, Somerset County, Maryland Property Taxes
The median property tax rate in Princess Anne, MD is 1.11%, which is significantly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Princess Anne at $109,900, the typical annual property tax bill amounts to $1,218, surpassing the national median of $2,690. Property taxes in Princess Anne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Princess Anne'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 Princess Anne 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
Princess Anne, Somerset County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,220
$1,132
Ownwell’s Princess Anne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princess Anne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princess Anne 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 Princess Anne, Somerset County, Maryland
Property taxes in Princess Anne, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princess Anne is 1.11%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Princess Anne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princess Anne 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 Princess Anne's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21853 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Princess Anne 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 Princess Anne 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 Princess Anne, Somerset County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21853 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Princess Anne, Somerset County, Maryland
In Princess Anne, 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 Princess Anne, 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 Princess Anne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Princess Anne is $109,900, with tax bills ranging from $775 at the 25th percentile to $2,675 at the 90th percentile. The zip code 21853 has the highest and lowest median tax bill, both at $1,218.
Property Tax Assessment Values Across Princess Anne, Somerset County, Maryland
Source: Ownwell
$50,050
$95,175
$140,300
Average Princess Anne Assessed Value
$109,900
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 Princess Anne, Somerset County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21853 | $44,510 | $69,675 | $109,900 | $160,125 | $240,630 |
Source: Ownwell
Property Tax Bills Across Princess Anne, Somerset County, Maryland
In Princess Anne, Somerset County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $109,900, homeowners can expect a median tax bill around $1,218. This figure is influenced by factors such as property size, location, and market conditions. The tax bill can vary significantly across different homes. At the 25th percentile, homeowners might see a tax bill of approximately $775, while those at the 75th percentile could face around $1,774. For properties at the higher end, the 90th percentile tax bill can reach up to $2,675. These variations affect homeowners differently, depending on their property values and financial situations. Compared to the national median property tax rate of 0.99%, Princess Anne's rates reflect the local economic and real estate conditions, impacting how much residents pay annually.
Average Princess Anne Tax Bill
$1,218
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Princess Anne, Somerset County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21853 | $500 | $775 | $1,218 | $1,774 | $2,675 |
Source: Ownwell