New Market, Frederick County, Maryland Property Taxes

Name: Property Tax Bills Across New Market, Frederick County, Maryland
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median NEW MARKET, MD effective property tax rate: 1.14%, significantly higher than the national median of 1.02%, but lower than the Maryland state median of 1.06%.
Median NEW MARKET, MD home value: $437,050
Median annual NEW MARKET, MD tax bill: $5,088, $2,688 higher than the national median property tax bill of $2,400.

How are property taxes in Frederick calculated?

Property taxes in NEW MARKET, MD 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 NEW MARKET’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in NEW MARKET, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

New Market, Frederick County, Maryland Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.14%

Estimate Property Tax Bill

$4,982

$4,624

Ownwell’s New Market Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, our calculator applies New Market’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Frederick County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Market, Frederick County, Maryland

Local government entities are responsible for setting tax rates, which can differ significantly within a state. This variation exists because each county annually estimates its required budget to provide essential services. They then divide this budget by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. Votes and laws play a role in setting these rates and budgets, but this is the core of the annual process. In New Market, located in Frederick County, Maryland, the effective property tax rate can be compared to other cities in Maryland and the national median. Maryland's property tax rate stands at 1.14%, which is above the national median of 1.02%. This means property owners in New Market might find themselves paying more than the national average. However, understanding how these rates are determined and how they compare can empower property owners to make informed decisions and potentially explore options for appealing their property tax assessments.

Property Tax Rates Across New Market, Frederick County, Maryland

Source: Ownwell

0.98%

1.26%

1.53%

Our median effective property tax rate (tax bill ÷ 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 New Market Tax Rate

1.14%

Median Effective Frederick County Tax Rate

1.20%

Median Effective Maryland Tax Rate

1.06%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Market, Frederick County, Maryland

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
21774	1.07%	1.11%	1.14%	1.18%	1.27%

Source: Ownwell

Property Tax Assessment Values Across New Market, Frederick County, Maryland

When examining property taxes in New Market, MD, 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 Frederick County appraisal district 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.

In Frederick County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 New Market.

For example, the median home price in New Market is $437,050, with tax bills ranging significantly across the county. The zip code 21774 has the highest median home price at $437,050.

Property Tax Assessment Values Across New Market, Frederick County, Maryland

Source: Ownwell

$211,100

$375,950

$540,800

Median New Market Market Value

$437,050

Median Frederick County Market Value

$362,500

Median Maryland Market Value

$317,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across New Market, Frederick County, Maryland

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
21774	$281,310	$357,825	$437,050	$541,475	$640,290

Source: Ownwell

Property Tax Bills Across New Market, Frederick County, Maryland

In New Market, Maryland, property taxes are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Frederick County is $437,050, and property tax bills can vary significantly. The tax bill at the 25th percentile is $4,188, while at the 75th percentile, it rises to $6,197. At the 90th percentile, homeowners might pay as much as $7,319. These figures highlight the variability in property tax bills, which can be influenced by factors such as changes in the real estate market and local government budgets. With the highest and lowest median tax bills both at $5,088 in the 21774 zip code, homeowners in New Market face property tax rates above the national median of 1.02%. Ownwell can assist homeowners in reducing their property tax bills by identifying potential discrepancies in property assessments and filing appeals on their behalf, helping to ensure they are not overpaying on their property taxes.

Property Tax Bills Across New Market, Frederick County, Maryland

Source: Ownwell

$2,294

$4,255

$6,216

Median New Market Tax Bill

$5,088

Median Frederick County Tax Bill

$4,509

Median Maryland Tax Bill

$3,419

Median United States Tax Bill

$2,400

Property Tax Bills Across New Market, Frederick County, Maryland

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
21774	$3,285	$4,188	$5,088	$6,197	$7,319

Source: Ownwell