Easton, Maryland Property Taxes
The median property tax rate in Easton, MD is 0.70%, 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 Easton at $297,550, the typical annual property tax bill is $2,033, falling below the national median of $2,690. Property taxes in Easton are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Easton'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 Easton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Easton, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,083
Ownwell’s Easton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Easton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Easton 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 Easton, Maryland
Property taxes in Easton, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Easton is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Easton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Easton 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 Easton's effective property tax rate to other areas in Talbot County and the national median. For comparison, the zip code 21601 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Easton 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 Easton Tax Rate
0.70%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Easton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21601 | 0.53% | 0.68% | 0.70% | 0.72% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Easton, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Easton, Maryland. The market value represents 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 Easton, 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. For instance, the median home price in Easton is $297,550. The median property tax bill varies significantly, with the 25th percentile at $1,424 and the 75th percentile at $3,121. The highest median tax bill in Easton is $2,033, located in the 21601 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Easton Assessed Value
$297,550
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 Easton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21601 | $155,700 | $209,700 | $297,550 | $448,450 | $831,700 |
Source: Ownwell
Property Tax Bills Across Easton, Maryland
Property tax bills in Easton, Talbot County, MD, are determined by several key factors, primarily the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's worth, which is typically lower than the market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Easton, the median home price is $297,550, and homeowners can expect a wide range of tax bills. For instance, the tax bill at the 25th percentile is $1,424, while at the 75th percentile, it rises to $3,121. Those in the 90th percentile may see bills as high as $5,894. Comparatively, Easton's median tax bill is $2,033, which is higher than the national median property tax rate of 0.99%. These varying tax bills can significantly impact homeowners' financial planning, influencing decisions related to home buying, selling, and long-term investment in the property.
Average Easton Tax Bill
$2,033
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Easton, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21601 | $1,048 | $1,424 | $2,033 | $3,121 | $5,894 |
Source: Ownwell