Newcomb, Maryland Property Taxes
The median property tax rate in Newcomb, MD is 0.70%, significantly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value in Newcomb of $306,500, the typical annual property tax bill amounts to $1,748, which is well below the national median of $2,690. Property taxes in Newcomb are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Newcomb'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 Newcomb 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
Newcomb, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,146
Ownwell’s Newcomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newcomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newcomb 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 Newcomb, Maryland
Property taxes in Newcomb, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newcomb is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Newcomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newcomb 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 Newcomb's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21653 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Newcomb 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 Newcomb 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 Newcomb, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21653 | 0.33% | 0.37% | 0.70% | 0.76% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Newcomb, Maryland
In Newcomb, 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 Newcomb, 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 Newcomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 21653 has both the highest and lowest median tax bills at $1,748.
Average Newcomb Assessed Value
$306,500
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 Newcomb, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21653 | $180,900 | $227,300 | $306,500 | $571,500 | $831,800 |
Source: Ownwell
Property Tax Bills Across Newcomb, Maryland
In Newcomb, 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. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. The median home price in Newcomb is $306,500, with property tax bills ranging widely. For instance, the 25th percentile tax bill is $1,163, while the 75th percentile reaches $3,237, and the 90th percentile can be as high as $5,293. These variations depend on factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Talbot County's tax rates can significantly impact homeowners. Higher-valued properties typically result in higher tax bills, which can affect affordability and overall financial planning for residents. Understanding these factors is crucial for homeowners to anticipate their tax liabilities and manage their finances effectively.
Average Newcomb Tax Bill
$1,748
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Newcomb, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21653 | $809 | $1,163 | $1,748 | $3,237 | $5,293 |
Source: Ownwell