Tilghman, Maryland Property Taxes
The median property tax rate in Tilghman, MD is 0.75%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $307,300 in Tilghman, the typical annual property tax bill comes to $2,124, falling below the national median of $2,690. Property taxes in Tilghman are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Tilghman's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in considerable annual savings. Whether you're in the heart of Tilghman 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
Tilghman, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$2,305
$2,139
Ownwell’s Tilghman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tilghman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tilghman 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 Tilghman, Maryland
Property taxes in Tilghman, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tilghman is 0.75%, which is lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Tilghman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tilghman 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 Tilghman's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21671 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Tilghman 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 Tilghman Tax Rate
0.75%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tilghman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21671 | 0.41% | 0.65% | 0.75% | 0.78% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Tilghman, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tilghman, 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 Tilghman, 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 Tilghman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21671 has the highest and lowest median tax bill at $2,124, reflecting the diverse range of property values within the area.
Average Tilghman Assessed Value
$307,300
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 Tilghman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21671 | $131,480 | $183,000 | $307,300 | $499,700 | $678,920 |
Source: Ownwell
Property Tax Bills Across Tilghman, Maryland
In Tilghman, Talbot County, MD, property tax bills are calculated based on the assessed value of a home. The local government determines this value, which is typically lower than the market value. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Homeowners in Tilghman see a range of tax bills depending on their property's assessed value and any applicable exemptions. The median home price in Tilghman stands at $307,300. Homeowners in the 25th percentile pay around $1,180 in property taxes, while those in the 75th percentile face a bill of approximately $3,626. At the 90th percentile, the tax bill can reach up to $5,066. These figures highlight the variability in tax obligations, influenced by property values and local tax rates. Compared to the national median property tax rate of 0.99%, Tilghman’s tax rates can significantly impact homeowners, potentially making it a more affordable option or a higher financial burden, depending on individual circumstances.
Average Tilghman Tax Bill
$2,124
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Tilghman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21671 | $794 | $1,180 | $2,124 | $3,626 | $5,066 |
Source: Ownwell