Bozman, Maryland Property Taxes
The median property tax rate in Bozman, MD is 0.75%, notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $740,600 in Bozman, the typical annual property tax bill amounts to $4,916, significantly exceeding the national median of $2,690. Property taxes in Bozman are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Bozman'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 Bozman or another part of Talbot County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bozman, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$5,555
Ownwell’s Bozman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bozman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bozman 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 Bozman, Maryland
Property taxes in Bozman, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bozman is 0.75%, lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Bozman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bozman 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 Bozman's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21612 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Bozman provides valuable insights into the varying tax landscape across Talbot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bozman Tax Rate
0.75%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bozman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21612 | 0.39% | 0.64% | 0.75% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Bozman, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bozman, 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 Talbot 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. Assessment notices in Bozman 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 Bozman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21612 has both the highest and lowest median tax bills, each at $4,916.
Average Bozman Assessed Value
$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 Bozman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21612 | $198,950 | $310,400 | $740,600 | $1,159,150 | $1,802,900 |
Source: Ownwell
Property Tax Bills Across Bozman, Maryland
In Bozman, located in Talbot County, MD, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. Homeowners in Bozman can expect their property tax bill to be influenced by the assessed value of their home and the local tax rate. For instance, with a median home price of $740,600, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,840, while those in the 75th percentile face a tax bill of approximately $8,162. At the 90th percentile, the tax bill can reach up to $12,928. These figures highlight the range of property tax obligations, which can impact household budgets considerably. The highest median tax bill in the area is $4,916, found in the zip code 21612. Understanding these factors is crucial for homeowners as property taxes are a significant component of homeownership costs, affecting affordability and long-term financial planning.
Average Bozman Tax Bill
$4,916
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Bozman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21612 | $1,219 | $1,840 | $4,916 | $8,162 | $12,928 |
Source: Ownwell