Example of Wicomico County Property Tax Calculation
Wicomico County calculates property tax based on the assessed value of the property. To determine the assessed value, the county uses a formula that takes into account the market value of the property, along with other factors such as its age, condition, and location.
For example, if a property in Wicomico County has a market value of $200,000, and the county's assessment rate is 80%, the assessed value of the property would be $160,000. The county then applies its property tax rate to the assessed value to determine the amount of tax owed.
As of the 2021 tax year, the property tax rate in Wicomico County is $1.06 per $100 of assessed value. Using the example above, the property tax owed on a $200,000 property would be calculated as follows:
Assessed value: $160,000 Property tax rate: $1.06 per $100 of assessed value Tax owed: $1,696
It is important to note that property tax rates and assessment rates can vary from year to year, and can also vary depending on the type of property (e.g. residential, commercial, etc.). It is recommended that property owners in Wicomico County contact the county's tax assessor's office for the most up-to-date information on property tax rates and assessments.
If you want appeal your property tax assessment - contact your local tax assessor.
Wicomico County Property Tax Rates
The Wicomico County Property Tax rates are shown below in a formatted table with columns for tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.955 |
| Personal Property | $2.72 |
| Commercial Property | $1.026 |
Note that these rates are subject to change and should be verified with the appropriate authorities.
Who sets property tax rates in Wicomico County ?
The property tax rates in Wicomico County are set by the Wicomico County Council. This is a governing body that consists of seven elected members who are responsible for creating policies and making decisions on behalf of the county.
The council meets regularly and conducts public hearings to gather input from residents before making decisions on tax rates. Property tax rates are typically set annually and are based on the assessed value of properties within the county.
It's worth noting that property tax rates can vary based on the specific location within the county as well as the type of property. For example, commercial properties may have a different tax rate than residential properties.
Overall, the Wicomico County Council is responsible for ensuring that property tax rates are set fairly and accurately. They work to balance the needs of the county with the financial burden placed on residents while also considering the impact of tax rates on the county's overall budget.
Homestead exemptions in Wicomico County ?
To assist homeowners in Wicomico County, Maryland, the following table lists all the county-specific Homestead exemptions and deductions available.
Homestead Exemptions and Deductions in Wicomico County, Maryland
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Property Tax Credit | Must own a home and use it as a primary residence | Up to 50% of property tax | Must apply annually |
| County Supplemental Homestead Credit | Must have lived in the same primary residence for at least 5 years | Up to 10% of taxable assessment | Must apply annually |
| Eligible Senior Citizen and Retired Military Tax Credit | Must be at least 65 years old or retired military with a service-connected disability | Up to 20% of property tax | Must apply annually |
| Disabled Veteran Real Property Tax Credit | Must be a veteran with a service-connected disability rated 100% permanent and total by Veterans Affairs | Up to 50% of property tax | Must apply annually |
Notes:
- Homeowners can only receive one Homestead Property Tax Credit per year.
- The County Supplemental Homestead Credit cannot exceed half of the Homestead Property Tax Credit.
- The Eligible Senior Citizen and Retired Military Tax Credit cannot exceed the lesser of the following: 20% of property tax or $1,000.
- The Disabled Veteran Real Property Tax Credit cannot exceed the lesser of the following: 50% of property tax or $1,800.
Homeowners should keep in mind that they may be eligible for additional exemptions and deductions at the state and federal levels. It's important to research and identify all available options to maximize savings on property taxes.
When is Wicomico County Property Tax due ?
Wicomico County Property Tax is typically due on September 30th of each year. Property owners have the option to pay their property taxes using several different payment methods, including:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay their property taxes online using the Wicomico County website. Payments can be made using a bank account or a credit card. |
| Property owners can mail their property tax payments to the Wicomico County Treasurer's Office. Payments must be postmarked on or before the due date. | |
| In-Person | Property owners can make their property tax payments in-person at the Wicomico County Treasurer's Office. Payments can be made using cash, check, or money order. |
It's important to note that late payments may result in penalties and interest charges, so property owners should make sure to pay their property taxes on time. If you have any questions or concerns about your property tax payment, you can contact the Wicomico County Treasurer's Office for assistance.
If you have more questions - contact your local tax collector.
How is Wicomico County Property Tax penalty calculated ?
Wicomico County Property Tax Penalty Calculation
In Wicomico County, property taxes are due on September 30 of each year. If the property owner fails to pay the full amount by this due date, a penalty fee will be added to the amount owed. The penalty fee is calculated based on a percentage of the unpaid taxes.
The penalty fee for the first month past due is 1% of the unpaid taxes. For each additional month that the taxes remain unpaid, an additional 1% penalty fee will be added. Therefore, the maximum penalty fee that can be charged is 12% of the unpaid taxes.
Example:
John owns a property in Wicomico County with a total assessed value of $200,000. His property tax bill for the year is $2,000, which is due on September 30. However, John fails to pay the full amount by the due date.
On October 1, one day after the due date, John's property tax bill is considered past due. He now owes $2,020, which includes the 1% penalty fee of $20.
If John still hasn't paid by November 1, an additional 1% penalty fee will be added to his bill. His new total owed will be $2,040, which includes the 2% penalty fee of $40 ($20 for the first month plus $20 for the second month).
If John continues to not pay his taxes, the penalty fee will continue to increase until it reaches the maximum of 12%, or $240 in this example.
It is important for property owners to pay their taxes on time to avoid penalty fees and potential legal action by the county.
We recommend contacting the Wicomico County Tax Office or a local tax professional for the most up-to-date and accurate information.