Talbot County Property Taxes
The median property tax rate in Talbot County is 0.71%, which is significantly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Talbot County at $319,650, the typical annual property tax bill reaches $2,231, which is below the national median of $2,690. Property taxes in Talbot County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Talbot County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Easton or another part of Talbot County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Talbot County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$2,270
$2,106
Ownwell’s Talbot County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Talbot County with just two data points. By entering your property's estimated assessed value, our calculator applies the median tax rate in Talbot County to provide an accurate property tax bill estimate. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to more localized informational pages. Your property's assessed value is the value assigned by the county for property tax calculations, considering any exemptions you may have.
Property Tax Rates Across Talbot County, Maryland
Property taxes in Talbot County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Talbot County is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Talbot County set these rates annually, and they can vary significantly between different areas within the county. Each year, Talbot County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Oxford has one of the higher property tax rates in Maryland at 0.92%, while the city of Easton boasts one of the lowest at 0.70%. Analyzing how Talbot County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Talbot County, Maryland
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bozman | 0.39% | 0.64% | 0.75% | 0.79% | 0.81% |
| Claiborne | 0.36% | 0.58% | 0.77% | 0.80% | 0.81% |
| Cordova | 0.40% | 0.47% | 0.74% | 0.86% | 0.86% |
| Easton | 0.53% | 0.68% | 0.70% | 0.72% | 0.85% |
| Mcdaniel | 0.41% | 0.52% | 0.74% | 0.79% | 0.80% |
| Neavitt | 0.35% | 0.63% | 0.74% | 0.79% | 0.81% |
| Newcomb | 0.33% | 0.37% | 0.70% | 0.76% | 0.78% |
| Oxford | 0.57% | 0.83% | 0.92% | 1.06% | 1.06% |
| Queen Anne | 0.42% | 0.59% | 0.81% | 0.86% | 0.88% |
| Royal Oak | 0.34% | 0.49% | 0.73% | 0.78% | 0.80% |
| Saint Michaels | 0.41% | 0.65% | 0.75% | 0.83% | 1.09% |
| Sherwood | 0.45% | 0.66% | 0.76% | 0.79% | 0.80% |
| St Michaels | N/A | N/A | N/A | N/A | N/A |
| Tilghman | 0.41% | 0.65% | 0.75% | 0.78% | 0.81% |
| Trappe | 0.46% | 0.57% | 0.86% | 0.86% | 1.09% |
| Wittman | 0.40% | 0.52% | 0.77% | 0.80% | 0.82% |
| Wye Mills | 0.43% | 0.65% | 0.82% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Talbot County, Maryland
In Talbot County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Talbot County Appraisal District. The assessed value, however, 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. Assessment notices in Talbot County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Bozman has the highest median tax bill at $4,916, while Cordova has the lowest at $1,478. Being aware of these valuation processes in Talbot County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Talbot County, Maryland
Source: Ownwell
$206,450
$473,525
$740,600
Average Talbot County Assessed Value
$319,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Talbot County, Maryland
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bozman | $198,950 | $310,400 | $740,600 | $1,159,150 | $1,802,900 |
| Claiborne | $145,000 | $192,500 | $288,200 | $724,300 | $1,648,380 |
| Cordova | $107,310 | $162,350 | $243,550 | $339,500 | $428,270 |
| Easton | $155,700 | $209,700 | $297,550 | $448,450 | $831,700 |
| Mcdaniel | $140,510 | $208,200 | $308,450 | $593,625 | $1,039,660 |
| Neavitt | $182,330 | $226,700 | $367,750 | $682,550 | $1,380,750 |
| Newcomb | $180,900 | $227,300 | $306,500 | $571,500 | $831,800 |
| Oxford | $214,740 | $323,200 | $510,100 | $973,850 | $1,561,580 |
| Queen Anne | $94,570 | $147,075 | $206,450 | $318,800 | $484,580 |
| Royal Oak | $154,230 | $252,050 | $739,500 | $1,429,950 | $2,263,910 |
| Saint Michaels | $236,870 | $306,175 | $498,800 | $926,850 | $1,454,190 |
| Sherwood | $190,640 | $298,650 | $451,500 | $961,550 | $1,459,940 |
| St Michaels | N/A | N/A | N/A | N/A | N/A |
| Tilghman | $131,480 | $183,000 | $307,300 | $499,700 | $678,920 |
| Trappe | $100,680 | $155,200 | $249,800 | $399,150 | $780,900 |
| Wittman | $95,660 | $149,250 | $272,100 | $586,350 | $1,006,490 |
| Wye Mills | $171,170 | $218,275 | $429,550 | $516,550 | $700,880 |
Source: Ownwell
Property Tax Bills Across Talbot County, Maryland
In Talbot County, MD, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically updated to reflect changes in the real estate market. For homeowners in Talbot County, the median home price is $319,650. The tax bill can vary significantly across the county. For example, the 25th percentile tax bill is $1,427, while the 75th percentile tax bill is $3,890. At the 90th percentile, some homeowners face tax bills as high as $8,082. This variation is influenced by factors such as property location, improvements, and market trends. In comparison, the national median property tax rate is 0.99%. Talbot County's tax bills can have a substantial impact on homeowners, affecting their monthly budgets and long-term financial planning. The highest median tax bill in the county is in Bozman at $4,916, while Cordova has the lowest at $1,478.
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Talbot County, Maryland
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bozman | $1,219 | $1,840 | $4,916 | $8,162 | $12,928 |
| Claiborne | $841 | $1,222 | $1,962 | $5,269 | $13,895 |
| Cordova | $611 | $942 | $1,478 | $2,299 | $3,303 |
| Easton | $1,048 | $1,424 | $2,033 | $3,121 | $5,894 |
| Mcdaniel | $806 | $1,189 | $2,054 | $4,328 | $7,444 |
| Neavitt | $956 | $1,566 | $2,318 | $4,302 | $8,910 |
| Newcomb | $809 | $1,163 | $1,748 | $3,237 | $5,293 |
| Oxford | $1,854 | $2,824 | $4,639 | $8,686 | $13,414 |
| Queen Anne | $692 | $940 | $1,483 | $2,296 | $3,755 |
| Royal Oak | $952 | $1,589 | $4,334 | $9,604 | $15,629 |
| Saint Michaels | $1,497 | $2,122 | $3,773 | $6,958 | $10,869 |
| Sherwood | $1,178 | $1,973 | $3,178 | $6,879 | $11,151 |
| St Michaels | N/A | N/A | N/A | N/A | N/A |
| Tilghman | $794 | $1,180 | $2,124 | $3,626 | $5,066 |
| Trappe | $766 | $1,086 | $1,929 | $3,294 | $5,862 |
| Wittman | $582 | $865 | $1,742 | $4,250 | $7,504 |
| Wye Mills | $975 | $1,516 | $3,236 | $4,001 | $5,182 |
Source: Ownwell