Cavetown, Maryland Property Taxes
The median property tax rate in Cavetown, 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 Cavetown at $174,200, the typical annual property tax bill is around $1,645, which is lower than the national median of $2,690. Property taxes in Cavetown are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Cavetown'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 Cavetown 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
Cavetown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,655
Ownwell’s Cavetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cavetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cavetown 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 Cavetown, Maryland
Property taxes in Cavetown, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cavetown is 1.1%, higher than both the Maryland state median of 1.06% and the U.S. national median of 0.99%. Local government entities within Cavetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cavetown 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 Cavetown's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21720 zip code has the highest median property tax rate of 1.1%, while the 21720 zip code also has the lowest median tax rate of 1.1%. Understanding how these cities compare with Cavetown provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cavetown Tax Rate
0.95%
Average Washington County Tax Rate
0.92%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cavetown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21720 | 0.88% | 0.92% | 0.95% | 0.98% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Cavetown, Maryland
In Cavetown, 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 Washington 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 Cavetown, 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 instance, the median home price in Cavetown is $174,200, with tax bills ranging from $1,476 at the 25th percentile to $2,873 at the 90th percentile. The highest median tax bill, $1,645, is found in the 21720 zip code. 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 Cavetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cavetown Assessed Value
$174,200
Average Washington County Assessed Value
$219,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cavetown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21720 | $120,460 | $153,300 | $174,200 | $248,600 | $332,580 |
Source: Ownwell
Property Tax Bills Across Cavetown, Maryland
In Cavetown, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the county's property assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Cavetown, the median home price is $174,200. Factors such as property size, location, and market conditions can influence the assessed value. The tax bill can vary significantly within the community, with the 25th percentile tax bill at $1,476 and the 75th percentile reaching $2,163. At the higher end, the 90th percentile tax bill is $2,873. Compared to the national median property tax rate of 0.99%, Cavetown's property tax rates can have a considerable impact on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Cavetown Tax Bill
$1,645
Average Washington County Tax Bill
$1,934
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Cavetown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21720 | $1,179 | $1,476 | $1,645 | $2,163 | $2,873 |
Source: Ownwell