A question that buyers ask very frequently is, “what is the real estate tax structure in Ocean City?”
Depending on where buyers are coming from, they might have seen all kinds of different tax structures. Some states have school tax, some have borough taxes, municipality taxes, state taxes, or county taxes. Thus, it’s a very common question to ask.
What Taxes Do You Pay in Ocean City, Maryland?
So what should you expect to pay in Ocean City, Maryland?
Well in ocean city, it’s a three-part real estate tax all built together. You pay state, county, and you pay Ocean City tax.
If the property is your vacation home or second home, you’re going to get billed annually on July 1st.
If it is a primary residence for you, that tax bill is divided up bi-annually, with one bill coming out July 1st and the other coming out January 1st.
In sum, in Ocean City, Maryland specifically, it’s a three-part real estate tax billied annually for our second homeowners.
Hopefully this answers the important question about real estate in Ocean City. If you have related questions and want to know more about buying at the beach, please get in touch with us, and we’d be happy to share more information with you.