Royal Oak, Maryland Property Taxes
The median property tax rate in Royal Oak, MD is 0.73%, considerably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Royal Oak at $739,500, the typical annual property tax bill reaches $4,334, exceeding the national median of $2,690. Property taxes in Royal Oak 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 Royal Oak'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 Royal Oak or another part of Talbot County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Royal Oak, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$5,398
$5,010
Ownwell’s Royal Oak Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Royal Oak with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Royal Oak to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular details, localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Royal Oak, Maryland
Property taxes in Royal Oak, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Royal Oak is 0.73%, lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Royal Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royal Oak 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 Royal Oak's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21662 zip code has the highest median property tax rate of 0.73%, while the same 21662 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Royal Oak 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 Royal Oak Tax Rate
0.73%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royal Oak, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21662 | 0.34% | 0.49% | 0.73% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Royal Oak, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Royal Oak, Maryland. 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 Royal Oak, 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. Royal Oak has a median home price of $739,500, with tax bills ranging from $1,589 at the 25th percentile to $15,629 at the 90th percentile. The zip code with the highest and lowest median tax bill is 21662, with a median tax bill of $4,334. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Royal Oak Assessed Value
$739,500
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 Royal Oak, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21662 | $154,230 | $252,050 | $739,500 | $1,429,950 | $2,263,910 |
Source: Ownwell
Property Tax Bills Across Royal Oak, Maryland
In Royal Oak, Talbot County, MD, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by local government assessors who evaluate the property periodically. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is determined, it is multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Royal Oak, the median home price is $739,500. The property tax bills can vary widely, with the 25th percentile tax bill at $1,589 and the 75th percentile reaching $9,604. The 90th percentile tax bill can be as high as $15,629. The highest median tax bill in the area is $4,334. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values in this region. This variability in tax bills can greatly impact homeowners' financial planning and overall cost of living.
Average Royal Oak Tax Bill
$4,334
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Royal Oak, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21662 | $952 | $1,589 | $4,334 | $9,604 | $15,629 |
Source: Ownwell