Lexington Park, Maryland Property Taxes
The median property tax rate in Lexington Park, MD is 1.10%, which is considerably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $252,000 in Lexington Park, the typical annual property tax bill reaches $2,728, exceeding the national median of $2,690. Property taxes in Lexington Park 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 Lexington Park'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 Lexington Park 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
Lexington Park, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Lexington Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington Park 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 Lexington Park, Maryland
Property taxes in Lexington Park, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington Park is 1.10%, which is higher than the U.S. national median of 0.99%. Local government entities within Lexington Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington Park 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 Lexington Park's effective property tax rate to other areas in St. Mary's County and the national median. For comparison, the 20653 zip code has the highest median property tax rate of 1.10%, while the 20653 zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Lexington Park provides valuable insights into the varying tax landscape across St. Mary's County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Park Tax Rate
1.10%
Average St. Mary's County Tax Rate
1.05%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20653 | 1.06% | 1.09% | 1.10% | 1.12% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lexington Park, Maryland
In Lexington Park, 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 St. Mary's 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 Lexington Park, 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 Lexington Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,728, found in the 20653 zip code.
Property Tax Assessment Values Across Lexington Park, Maryland
Source: Ownwell
$179,000
$350,150
$521,300
Average Lexington Park Assessed Value
$252,000
Average St. Mary's County Assessed Value
$302,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20653 | $103,300 | $184,850 | $252,000 | $308,900 | $378,780 |
Source: Ownwell
Property Tax Bills Across Lexington Park, Maryland
Property tax bills in Lexington Park, located in St. Mary's County, Maryland, are determined based on the assessed value of a property and the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. This value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, with a median home price of $252,000, homeowners in Lexington Park can expect their property tax bills to vary. The tax bill at the 25th percentile is $2,011, while at the 75th percentile, it rises to $3,331. At the 90th percentile, it can go up to $4,074. These figures indicate a range of potential tax burdens, reflecting differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, the rates in Lexington Park can significantly impact homeowners, influencing their financial planning and homeownership costs. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Lexington Park Tax Bill
$2,728
Average St. Mary's County Tax Bill
$3,095
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20653 | $1,185 | $2,011 | $2,728 | $3,331 | $4,074 |
Source: Ownwell