Mcdaniel, Maryland Property Taxes
The median property tax rate in McDaniel, MD is 0.74%, which is considerably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in McDaniel at $308,450, the typical annual property tax bill reaches $2,054, falling below the national median of $2,690. Property taxes in McDaniel are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McDaniel'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 McDaniel 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
Mcdaniel, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,283
$2,118
Ownwell’s McDaniel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McDaniel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McDaniel 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 Mcdaniel, Maryland
Property taxes in McDaniel, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McDaniel is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within McDaniel set these rates annually, and they can vary significantly across different neighborhoods. Each year, McDaniel 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. Understanding how these cities compare with McDaniel 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 Mcdaniel 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 Mcdaniel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21647 | 0.41% | 0.52% | 0.74% | 0.79% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Mcdaniel, Maryland
In MCDANIEL, 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 MCDANIEL, 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 MCDANIEL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 21647, with a tax bill of $2,054, while the lowest median tax bill is also in the same zip code.
Average Mcdaniel Assessed Value
$308,450
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 Mcdaniel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21647 | $140,510 | $208,200 | $308,450 | $593,625 | $1,039,660 |
Source: Ownwell
Property Tax Bills Across Mcdaniel, Maryland
In McDaniel, located in Talbot County, MD, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in McDaniel is $308,450. Property assessments are influenced by factors such as property size, location, and condition, which all contribute to the overall market value. For homeowners, this means that their property tax bill can vary significantly. For example, the tax bill for the 25th percentile is $1,189, while for the 75th percentile, it rises to $4,328, and for the 90th percentile, it can go up to $7,444. These figures illustrate the range of tax burdens that homeowners might face depending on their property's assessed value. When compared to the national median property tax rate of 0.99%, McDaniel's property tax rates can be seen as relatively moderate or high, depending on the specific assessment of a property. Homeowners in McDaniel should be aware of these factors as they directly impact their annual tax obligations.
Average Mcdaniel Tax Bill
$2,054
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcdaniel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21647 | $806 | $1,189 | $2,054 | $4,328 | $7,444 |
Source: Ownwell