Cordova, Talbot County, Maryland Property Taxes
The median property tax rate in Cordova, MD is 0.74%, which is notably lower than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $243,550 in Cordova, the typical annual property tax bill amounts to $1,478, significantly below the national median of $2,690. Property taxes in Cordova are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cordova'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 Cordova or another part of Talbot County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cordova, Talbot County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,802
$1,672
Ownwell’s Cordova Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cordova with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cordova 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 Cordova, Talbot County, Maryland
Property taxes in Cordova, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cordova is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Cordova set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cordova 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 Cordova's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 21625 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Cordova 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 Cordova Tax Rate
0.74%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cordova, Talbot County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21625 | 0.40% | 0.47% | 0.74% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Cordova, Talbot County, Maryland
In Cordova, 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 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. In Cordova, 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 Cordova helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cordova is $243,550, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $942, while the 75th percentile tax bill is $2,299. Notably, the highest and lowest median tax bills in the area are both $1,478, found in the 21625 zip code.
Property Tax Assessment Values Across Cordova, Talbot County, Maryland
Source: Ownwell
$206,450
$473,525
$740,600
Average Cordova Assessed Value
$243,550
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 Cordova, Talbot County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21625 | $107,310 | $162,350 | $243,550 | $339,500 | $428,270 |
Source: Ownwell
Property Tax Bills Across Cordova, Talbot County, Maryland
In Cordova, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine your annual tax bill. The median home price in Cordova is $243,550, and with the national median property tax rate at 0.99%, homeowners can expect to pay around this rate, though local variations apply. Factors influencing the tax bill include the assessed value of the property, exemptions for which the homeowner might qualify, and the specific tax rate set by Talbot County. For example, tax bills in Cordova range significantly, with the 25th percentile at $942 and the 75th percentile at $2,299, showcasing the variability based on home values and exemptions. At the 90th percentile, tax bills can reach up to $3,303. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Cordova Tax Bill
$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 Cordova, Talbot County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21625 | $611 | $942 | $1,478 | $2,299 | $3,303 |
Source: Ownwell