21662 Property Tax Rate

Property owners in ZIP code 21662 (Royal Oak, Maryland) pay a median of $4,180/year in property taxes on homes valued at $708,300. This translates to an effective tax rate of 0.59%, which is 39% below the Maryland state average of 0.96%.

The monthly property tax burden for a median-valued home in 21662 is approximately $348, which factors into escrow payments on mortgages. This ZIP code is located within Talbot County. This is $206 more than the Maryland average of $3,974/year.

Compared to similar ZIP codes in Maryland, 21662 has lower property taxes. ZIP codes with similar effective rates include 21829 (0.58%) and 21071 (0.60%).

In Royal Oak, property taxes represent approximately 3.1% of the median household income of $133,125, providing context for the relative tax burden on homeowners in this area.

Maryland's Homestead Tax Credit limits annual assessment growth to 10% on primary residences, meaning your tax bill won't spike dramatically year-over-year. Apply for homestead status with the Talbot County Assessor's office within 30 days of purchase to activate this protection. The Talbot County Assessor will provide the form and confirm your assessment base value once your application is filed.