Benedict, Maryland Property Taxes
The median property tax rate in Benedict, MD is 1.46%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Benedict, the typical annual property tax bill reaches $3,156, exceeding the national median of $2,690. Property taxes in Benedict are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Benedict'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 Benedict 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
Benedict, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$3,211
Ownwell’s Benedict Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benedict with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benedict 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 Benedict, Maryland
Property taxes in Benedict, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benedict is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Benedict set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benedict 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 Benedict's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20612 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Benedict provides valuable insights into the varying tax landscape across Charles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benedict Tax Rate
1.46%
Average Charles County Tax Rate
1.34%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benedict, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20612 | 1.39% | 1.43% | 1.46% | 1.49% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Benedict, Maryland
In Benedict, 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 Charles 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 Benedict, 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. 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 Benedict helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 20612, with a median tax bill of $3,156.
Average Benedict Assessed Value
$219,900
Average Charles County Assessed Value
$334,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benedict, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20612 | $161,460 | $185,100 | $219,900 | $279,000 | $371,880 |
Source: Ownwell
Property Tax Bills Across Benedict, Maryland
In Benedict, located in Charles County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Benedict is $219,900. Homeowners' tax bills are influenced by several factors, including property size, location, and any applicable exemptions. The tax rate in this region is relatively high compared to the national median property tax rate of 0.99%. For instance, the tax bill at the 25th percentile is $2,640, while at the 75th percentile, it rises to $3,965. At the 90th percentile, homeowners can expect a tax bill of $5,471. The highest and lowest median tax bills in the area both stand at $3,156, indicating some consistency in taxation within different parts of the county. This high property tax rate can significantly impact homeowners, increasing the cost of owning property and potentially affecting the affordability of homes in the area.
Average Benedict Tax Bill
$3,156
Average Charles County Tax Bill
$4,464
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Benedict, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20612 | $2,084 | $2,640 | $3,156 | $3,965 | $5,471 |
Source: Ownwell