Loveville, Maryland Property Taxes
The median property tax rate in Loveville, MD is 0.95%, slightly below both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Loveville at $283,750, the typical annual property tax bill reaches $2,694, just above the national median of $2,690. Property taxes in Loveville 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 Loveville'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 Loveville 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
Loveville, 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 Loveville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loveville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loveville 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 Loveville, Maryland
Property taxes in Loveville, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loveville is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Loveville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loveville 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 Loveville's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20656 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Loveville 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 Loveville Tax Rate
0.95%
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 Loveville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20656 | 0.86% | 0.92% | 0.95% | 1.01% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Loveville, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Loveville, Maryland. 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 Assessment Office 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 Loveville, 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 Loveville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median home price in Loveville is $283,750, with tax bills ranging from $2,275 at the 25th percentile to $4,826 at the 90th percentile. The highest and lowest median tax bills, both at $2,694, are found in the 20656 zip code.
Average Loveville Assessed Value
$283,750
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 Loveville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20656 | $175,700 | $237,000 | $283,750 | $444,025 | $523,210 |
Source: Ownwell
Property Tax Bills Across Loveville, Maryland
In Loveville, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county’s property assessment office, which evaluates the market value of the property. Homeowners in Loveville can expect to pay a median property tax bill of around $2,694, which is higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and market conditions. For instance, homes in the 25th percentile have tax bills around $2,275, while those in the 75th percentile face bills closer to $4,128. At the higher end, the 90th percentile tax bill reaches approximately $4,826. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Consequently, higher property taxes can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Loveville Tax Bill
$2,694
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 Loveville, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20656 | $1,684 | $2,275 | $2,694 | $4,128 | $4,826 |
Source: Ownwell