Chesapeake Beach, Maryland Property Taxes
The median property tax rate in Chesapeake Beach, MD is 0.91%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $351,800 in Chesapeake Beach, the typical annual property tax bill reaches $3,241, significantly surpassing the national median of $2,690. Property taxes in Chesapeake Beach are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chesapeake Beach's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chesapeake Beach or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chesapeake Beach, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,201
Ownwell’s Chesapeake Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chesapeake Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chesapeake Beach to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Chesapeake Beach, Maryland
Property taxes in Chesapeake Beach, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chesapeake Beach is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Chesapeake Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chesapeake Beach estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Chesapeake Beach's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20732 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Chesapeake Beach provides valuable insights into the varying tax landscape across Calvert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chesapeake Beach Tax Rate
0.91%
Average Calvert County Tax Rate
1.01%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chesapeake Beach, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20732 | 0.87% | 0.89% | 0.91% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Chesapeake Beach, Maryland
In Chesapeake Beach, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Calvert County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Chesapeake Beach, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, the median home price in Chesapeake Beach is $351,800, with tax bills ranging from $2,692 at the 25th percentile to $5,379 at the 90th percentile. The zip code 20732 has the highest median tax bill of $3,241, while also having the lowest at $3,241. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Chesapeake Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chesapeake Beach, Maryland
Source: Ownwell
$226,700
$359,550
$492,400
Average Chesapeake Beach Assessed Value
$351,800
Average Calvert County Assessed Value
$346,200
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chesapeake Beach, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20732 | $219,400 | $296,400 | $351,800 | $478,400 | $591,120 |
Source: Ownwell
Property Tax Bills Across Chesapeake Beach, Maryland
Property tax bills in Chesapeake Beach, located in Calvert County, MD, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. In Chesapeake Beach, the median home price is $351,800. Homeowners in this area typically see property tax bills ranging from $2,692 at the 25th percentile to $4,364 at the 75th percentile, with the 90th percentile reaching $5,379. Comparatively, the national median property tax rate is 0.99%, making Chesapeake Beach's property taxes relatively significant for homeowners. These tax bills fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how these factors influence property tax bills can help homeowners in Chesapeake Beach anticipate their financial responsibilities and plan accordingly.
Average Chesapeake Beach Tax Bill
$3,241
Average Calvert County Tax Bill
$3,494
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Chesapeake Beach, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20732 | $2,173 | $2,692 | $3,241 | $4,364 | $5,379 |
Source: Ownwell