Trappe, Maryland Property Taxes
The median property tax rate in Trappe, MD is 0.86%, which is lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Trappe at $249,800, the typical annual property tax bill is $1,929, significantly below the national median of $2,690. Property taxes in Trappe 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 Trappe'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 Trappe 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
Trappe, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,148
Ownwell’s Trappe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trappe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trappe 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 Trappe, Maryland
Property taxes in Trappe, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trappe is 0.86%, lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Trappe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trappe 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 Trappe's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21673 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Trappe 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 Trappe Tax Rate
0.86%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trappe, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21673 | 0.46% | 0.57% | 0.86% | 0.86% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Trappe, Maryland
In Trappe, 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 Trappe, 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. The median home price in Trappe is $249,800, with tax bills ranging from $1,086 at the 25th percentile to $5,862 at the 90th percentile. The highest and lowest median tax bills are both $1,929, found in zip code 21673. 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 Trappe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Trappe Assessed Value
$249,800
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 Trappe, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21673 | $100,680 | $155,200 | $249,800 | $399,150 | $780,900 |
Source: Ownwell
Property Tax Bills Across Trappe, Maryland
In Trappe, Talbot County, MD, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor's office and reflects the market value of the property. Homeowners in Trappe can expect their tax bills to vary significantly, with the 25th percentile tax bill around $1,086 and the 75th percentile reaching up to $3,294. For those in the 90th percentile, tax bills can soar to approximately $5,862. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. The median home price in Trappe is $249,800, which serves as a baseline for calculating these taxes. Compared to the national median property tax rate of 0.99%, Talbot County's tax rates can lead to substantial annual costs for homeowners. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Trappe Tax Bill
$1,929
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Trappe, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21673 | $766 | $1,086 | $1,929 | $3,294 | $5,862 |
Source: Ownwell