Claiborne, Maryland Property Taxes
The median property tax rate in Claiborne, MD is 0.77%, significantly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $288,200 in Claiborne, the typical annual property tax bill is $1,962, which is below the national median of $2,690. Property taxes in Claiborne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Claiborne'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 Claiborne 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
Claiborne, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,219
Ownwell’s Claiborne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Claiborne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Claiborne 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 Claiborne, Maryland
Property taxes in Claiborne, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Claiborne is 1.03%, higher than both the Maryland state median of 0.96% and the U.S. national median of 0.99%. Local government entities within Claiborne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Claiborne 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 Claiborne's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21624 zip code has the highest median property tax rate of 1.03%, while the 21624 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Claiborne 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 Claiborne Tax Rate
0.77%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Claiborne, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21624 | 0.36% | 0.58% | 0.77% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Claiborne, Maryland
In Claiborne, 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 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 Claiborne, 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 Claiborne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Claiborne Assessed Value
$288,200
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 Claiborne, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21624 | $145,000 | $192,500 | $288,200 | $724,300 | $1,648,380 |
Source: Ownwell
Property Tax Bills Across Claiborne, Maryland
In Claiborne, located in Talbot County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Claiborne can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,222, while the 75th percentile tax bill can reach up to $5,269. At the 90th percentile, the tax bill can soar to $13,895. These variations are influenced by factors such as property size, location, and any improvements made to the property. The median home price in Claiborne is $288,200, which is a crucial factor in determining the tax bill. Compared to the national median property tax rate of 0.99%, Claiborne's tax rates can be higher, impacting homeowners by increasing their annual financial obligations. This makes it essential for homeowners to understand how their property taxes are calculated and what exemptions or appeals may be available to them.
Average Claiborne Tax Bill
$1,962
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Claiborne, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21624 | $841 | $1,222 | $1,962 | $5,269 | $13,895 |
Source: Ownwell