Snow Hill, Maryland Property Taxes
The median property tax rate in Snow Hill, MD is 0.80%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Snow Hill being $198,250, the typical annual property tax bill amounts to $1,586, significantly less than the national median of $2,690. Property taxes in Snow Hill 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 Snow Hill'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 Snow Hill or another part of Wicomico County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Snow Hill, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,586
Ownwell’s Snow Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Snow Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Snow Hill 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 Snow Hill, Maryland
Property taxes in Snow Hill, Maryland, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Snow Hill is 0.80%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Snow Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Snow Hill 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 Snow Hill's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21863 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Snow Hill provides valuable insights into the varying tax landscape across Wicomico County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Snow Hill Tax Rate
0.80%
Average Wicomico County Tax Rate
0.94%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Snow Hill, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21863 | 0.78% | 0.79% | 0.80% | 0.81% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Snow Hill, Maryland
In Snow Hill, 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 Wicomico 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. 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 Snow Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1586, found in zip code 21863.
Average Snow Hill Assessed Value
$198,250
Average Wicomico County Assessed Value
$161,300
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Snow Hill, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21863 | $190,370 | $193,325 | $198,250 | $203,175 | $206,130 |
Source: Ownwell
Property Tax Bills Across Snow Hill, Maryland
Property tax bills in Snow Hill, located in Wicomico County, MD, are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the tax bill. For example, the median home price in Snow Hill is $198,250, and the tax bills range from the 25th percentile at $1,520 to the 90th percentile at $1,692. Factors considered in the assessment include the property's market value, any improvements made, and comparable sales in the area. Homeowners in Snow Hill can expect their tax bills to be influenced by these variables, which may fluctuate annually based on changes in the real estate market and local government budgets. Comparing this to the national median property tax rate of 0.99%, Snow Hill's tax bills reflect the specific economic and regulatory environment of Wicomico County, ensuring that homeowners contribute fairly to the community's public services and infrastructure.
Average Snow Hill Tax Bill
$1,586
Average Wicomico County Tax Bill
$1,455
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Snow Hill, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21863 | $1,481 | $1,520 | $1,586 | $1,653 | $1,692 |
Source: Ownwell