When You’ll Pay Boat Dock Taxes in Ocean City, MD
There are a variety of boat dock options in Ocean City, MD. Some docks are assigned to condo units, homes or townhouses, and others are separately deeded. You can even find a boat dock to rent from a marina or dock owner.
In this article, I’ll explain boat dock taxes in Ocean City, MD and common ways they could relate to your coastal real estate purchase.
If you buy a deeded boat slip in Ocean City, MD, you’ll end up paying real estate taxes to Ocean City, Worcester County, and the State of Maryland. There are a few ways a deeded boat slip could be associated with your purchase:
- You buy a deeded boat slip in a marina - This could be a marina that has condominiumized and the boat docks are part of a condominium association.
- You buy a condo, townhouse or single family home with a separately deeded boat slip - Explains itself. There's a lot of these options in the area and just outside of town in nearby coastal communities. QUICK NOTE: If the boat slip is only assigned to the unit by the building or community plat and/or deed, the dock slip may not be separately deeded.
- You buy a deeded boat slip within the community or condo association where you already own a condo, townhouse or single family home - If you have a deed for your property and a separate deed for the boat dock, you can sell it. The association could have restrictions on who can own your slip.
- You buy a single family home on a waterfront lot with a dock or bulk head - You're most likely just paying property taxes for the waterfront home and lot with this option.
How Boat Dock Taxes in Ocean City, MD are calculated
Your boat dock taxes are based on the tax assessed value determined by Worcester County, MD. After the tax assessed value is determined, you're taxes are calculated based on the tax rate for every $100 of the assessed value. You can learn more about real estate taxes in Ocean City, MD and how they are calculated in my blog.
Often, the tax assessed value is less than the appraised value of the home. If the assessed value is more that the appraised value, you could dispute within 60 days after the purchase of a property or after being notified of an assessment change every 3 years. This goes for all real estate in Maryland.
There's a lot of options when it comes to waterfront homes and condos in Ocean City, MD. Whether you're looking to relax direct bayfront or on a canal, there's something for everyone.