Wittman, Maryland Property Taxes
The median property tax rate in Wittman, MD is 0.77%, lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Wittman at $272,100, the typical annual property tax bill reaches $1,742, significantly below the national median of $2,690. Property taxes in Wittman 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 Wittman’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 Wittman 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
Wittman, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,095
Ownwell’s Wittman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wittman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wittman 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 Wittman, Maryland
Property taxes in Wittman, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wittman is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Wittman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wittman 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 Wittman's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21676 zip code has the highest median property tax rate of 0.77%, while the 21676 zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Wittman 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 Wittman Tax Rate
0.77%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wittman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21676 | 0.40% | 0.52% | 0.77% | 0.80% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Wittman, Maryland
In Wittman, 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 authorities 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 Wittman, 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 Wittman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21676 has the highest median tax bill of $1,742, which is above the national median property tax rate of 0.99%.
Average Wittman Assessed Value
$272,100
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 Wittman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21676 | $95,660 | $149,250 | $272,100 | $586,350 | $1,006,490 |
Source: Ownwell
Property Tax Bills Across Wittman, Maryland
In Wittman, located in Talbot County, MD, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $272,100, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, tax bills in Wittman range from $865 at the 25th percentile to $7,504 at the 90th percentile, reflecting the diverse property values within the area. Homeowners in Wittman experience tax bills that can significantly impact their finances, with the highest and lowest median tax bills both being $1,742. This amount is notably higher than the national median property tax rate of 0.99%, highlighting the importance of understanding local property tax calculations for effective financial planning.
Average Wittman Tax Bill
$1,742
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Wittman, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21676 | $582 | $865 | $1,742 | $4,250 | $7,504 |
Source: Ownwell