Wye Mills, Maryland Property Taxes
The median property tax rate in Wye Mills, MD is 0.82%, 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 $429,550 in Wye Mills, the typical annual property tax bill amounts to $3,236, surpassing the national median of $2,690. Property taxes in Wye Mills are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wye Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wye Mills 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
Wye Mills, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$3,522
$3,269
Ownwell’s Wye Mills Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wye Mills using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wye Mills to provide an estimate of your property tax bill. This valuable 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 Talbot County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wye Mills, Maryland
Property taxes in Wye Mills, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wye Mills is 0.82%, which is lower than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Wye Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wye Mills 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 Wye Mills' effective property tax rate to other counties in Maryland and the national median. For comparison, the 21679 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Wye Mills 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 Wye Mills Tax Rate
0.82%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wye Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21679 | 0.43% | 0.65% | 0.82% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Wye Mills, Maryland
In Wye Mills, 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 Assessor 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 Wye Mills, 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 Wye Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Talbot County are both $3,236, found in the 21679 zip code.
Average Wye Mills Assessed Value
$429,550
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 Wye Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21679 | $171,170 | $218,275 | $429,550 | $516,550 | $700,880 |
Source: Ownwell
Property Tax Bills Across Wye Mills, Maryland
In Wye Mills, located in Talbot County, MD, property tax bills are calculated based on the assessed value of a homeowner's property. The assessment determines the property's value, and the local tax rate is then applied to this assessed value. With a median home price of $429,550, homeowners in Wye Mills can expect varying tax bills depending on their property's assessed value and applicable exemptions. For instance, tax bills in the 25th percentile are around $1,516, while those in the 75th percentile reach approximately $4,001. At the higher end, the 90th percentile tax bills can amount to $5,182. The zip code 21679 in Wye Mills has a median tax bill of $3,236, both the highest and lowest in the area, emphasizing the uniformity in tax assessments. These property taxes significantly impact homeowners by influencing their annual financial planning and housing affordability. Understanding the factors that contribute to property tax calculations can help homeowners better anticipate their tax obligations and manage their budgets more effectively.
Average Wye Mills Tax Bill
$3,236
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Wye Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21679 | $975 | $1,516 | $3,236 | $4,001 | $5,182 |
Source: Ownwell