Bishopville, Maryland Property Taxes
The median property tax rate in Bishopville, MD is 0.89%, 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 Bishopville at $317,650, the typical annual property tax bill is $2,748, slightly below the national median of $2,690. Property taxes in Bishopville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bishopville'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 Bishopville or another part of Worcester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bishopville, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Bishopville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bishopville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bishopville 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 Bishopville, Maryland
Property taxes in Bishopville, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bishopville is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Bishopville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bishopville 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 Bishopville's effective property tax rate to other areas in Worcester County and the national median. For comparison, the zip code 21813 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Bishopville provides valuable insights into the varying tax landscape across Worcester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bishopville Tax Rate
0.89%
Average Worcester County Tax Rate
1.41%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bishopville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21813 | 0.71% | 0.83% | 0.89% | 0.93% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Bishopville, Maryland
In Bishopville, 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 Worcester 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 Bishopville, 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 Bishopville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Bishopville is 21813, with a tax bill of $2,748.
Average Bishopville Assessed Value
$317,650
Average Worcester County Assessed Value
$251,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bishopville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21813 | $121,230 | $207,400 | $317,650 | $460,150 | $673,280 |
Source: Ownwell
Property Tax Bills Across Bishopville, Maryland
In Bishopville, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the property tax rate set by Worcester County. For example, with a median home price of $317,650, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,689, while those in the 75th percentile may see bills as high as $4,150. At the 90th percentile, tax bills can reach up to $6,166. Several factors influence these tax bills, including changes in property values, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax rates in Bishopville can have a notable impact on homeowners' finances. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly. With the highest median tax bill in the area being $2,748, homeowners should stay informed to manage their property tax responsibilities effectively.
Average Bishopville Tax Bill
$2,748
Average Worcester County Tax Bill
$2,901
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Bishopville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21813 | $1,062 | $1,689 | $2,748 | $4,150 | $6,166 |
Source: Ownwell