Tylerton, Maryland Property Taxes
The median property tax rate in Tylerton, MD is 0.85%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Tylerton at $87,100, the typical annual property tax bill amounts to $761, significantly below the national median of $2,690. Property taxes in Tylerton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Tylerton'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 Tylerton or another part of Somerset County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tylerton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$740
Ownwell’s Tylerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tylerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tylerton 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 Tylerton, Maryland
Property taxes in Tylerton, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tylerton is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Tylerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tylerton 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 Tylerton's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21866 zip code has the highest median property tax rate of 0.85%, while the same 21866 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Tylerton 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 Tylerton Tax Rate
0.85%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tylerton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21866 | 0.81% | 0.83% | 0.85% | 0.89% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Tylerton, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tylerton, MD. 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 local 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 Tylerton, 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 Tylerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tylerton are both $761, found in zip code 21866. The 25th percentile tax bill is $569, the 75th percentile is $966, and the 90th percentile tax bill is $1311. By comparing these figures to the national median tax rate of 0.99%, property owners can gain a clearer perspective on their tax obligations.
Average Tylerton Assessed Value
$87,100
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 Tylerton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21866 | $57,040 | $69,250 | $87,100 | $106,300 | $140,760 |
Source: Ownwell
Property Tax Bills Across Tylerton, Maryland
In Tylerton, 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 Tylerton is $87,100. Homeowners in this area can expect their property tax bills to vary significantly based on the assessed value of their property and the applicable tax rate. The property tax bill is influenced by various factors, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Tylerton is $569, while the 75th percentile tax bill is $966, and the 90th percentile tax bill reaches $1,311. This demonstrates a range of tax liabilities that homeowners might face. These tax bills directly impact homeowners by contributing to their annual housing costs. With the national median property tax rate at 0.99%, the property taxes in Tylerton are relatively moderate, helping to make homeownership more affordable in this region.
Average Tylerton Tax Bill
$761
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Tylerton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21866 | $468 | $569 | $761 | $966 | $1,311 |
Source: Ownwell