Property Taxes in Preston, Maryland
Median Preston, Maryland effective property tax rate: 0.97%, significantly lower than the national median of 1.02%, and lower than the Maryland state median of 1.21%.
Median Preston, Maryland home value: $249,500
Median annual Preston, Maryland tax bill: $2,401, $1 higher higher than the national median property tax bill of $2,400.
How are property taxes in Caroline County calculated?
Property taxes in Preston, Maryland are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Preston's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Preston, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Preston Property Tax Calculator Work?
Use this Preston property tax calculator to estimate your annual property tax bill. Enter your property’s assessed value and the calculator applies Preston’s median effective tax rate of 0.97% — based on actual property records in Caroline County — to generate your estimate.
Enter your property’s estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home’s market value. The calculator applies Preston’s median effective rate across local levies, giving a more accurate estimate than using a single county millage rate.
Preston’s median property tax bill is $2,401, which is lower than the Maryland median tax bill by $1 and lower than the state median tax rate of 1.21%. By comparison, the national median property tax rate is 1.02% and the national median property tax bill is $2,400.
Your bill may vary by ZIP code within Preston, with the highest and lowest median tax bill both at $2,401 in 21655.
About Preston Property Taxes
About Property Taxes in Preston, Caroline, Maryland
Preston’s median effective property tax rate of 0.97% is lower than the Maryland state median of 1.21% and lower than the national median of 1.02%. This rate reflects the Caroline County base levy combined with local school district levies and special taxing districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Preston. Homeowners in the 21655 ZIP code carry a median effective rate of 0.97%, while those in the same ZIP code also pay 0.97%. This spread reflects how school district boundaries and local assessment districts are drawn across Caroline County. Understanding which part of Preston you live in can make a meaningful difference to your annual tax bill.
Preston homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the February 14, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Preston, Caroline County, Maryland
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Preston's effective property tax rate to other cities in Maryland and the median property tax rates in Maryland and the U.S.
Our median effective property tax rate (tax bill Ă· assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Preston Tax Rate
0.97%
Our median effective property tax rate (tax bill Ă· assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Caroline County Tax Rate
1.08%
Median Effective Maryland Tax Rate
1.21%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Preston, Caroline County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21655 | 0.83% | 0.90% | 0.97% | 1.06% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Caroline County, Maryland
When examining property taxes in Preston, Maryland, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Caroline County assessment office estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Caroline County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of December.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Preston.
For example, the median home price in Preston is $249,500, with tax bills ranging significantly across the county. 21655 has the highest median home price at $249,500.
Property Tax Assessment Values Across Preston, Caroline County, Maryland
Source: Ownwell
$164,000
$245,950
$327,900
Median Preston Market Value
$249,500
Median Caroline County Market Value
$232,700
Median Maryland Market Value
$338,400
Median United States Market Value
$274,101
Property Tax Assessment Values Across Preston, Caroline County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21655 | $144,100 | $188,300 | $249,500 | $337,850 | $448,800 |
Source: Ownwell
Property Tax Bills Across Preston, Caroline County, Maryland
Property tax bills in Preston are based on the assessed value of a home and the local tax rate set for Caroline County. When a property’s market value changes, the assessed value can change too, which affects the final bill homeowners receive. For a home with a median price of $249,500, the tax bill can vary widely depending on where the property is located and how it is assessed.
In Preston, the median property tax bill is $2,401, which is very close to the national median property tax bill of $2,400. That means many homeowners here pay about the same as the typical U.S. homeowner, though some pay more or less depending on their property’s assessment. Bills at the 25th percentile are $1,814, while the 75th percentile is $3,219 and the 90th percentile is $4,262. These differences show how strongly property taxes can affect monthly housing costs and long-term affordability for homeowners.
Median Preston Tax Bill
$2,401
Median Caroline County Tax Bill
$2,617
Median Maryland Tax Bill
$4,092
Median United States Tax Bill
$3,209
Property Tax Bills Across Preston, Caroline County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21655 | $1,379 | $1,814 | $2,401 | $3,219 | $4,262 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | February 14 |
Links | |
|---|---|
| Caroline Tax Assessor | |
| Website | sdat.dat.maryland.gov |