Owings, Maryland Property Taxes
The median property tax rate in Owings, MD is 0.93%, slightly below the Maryland state median of 1.06% but still competitive compared to the national median of 0.99%. With a median home value of $483,800 in Owings, the typical annual property tax bill amounts to $4,488, significantly surpassing the national median of $2,690. Property taxes in Owings are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Owings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Owings or another part of Calvert County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owings, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$4,499
Ownwell’s Owings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owings 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 Owings, Maryland
Property taxes in Owings, Maryland, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Owings is 0.93%, lower than the U.S. national median of 0.99%. Local government entities within Owings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owings 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 Owings' effective property tax rate to other areas in Calvert County and the national median. For comparison, the zip code 20736 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Owings 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 Owings Tax Rate
0.93%
Average Calvert County Tax Rate
1.01%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owings, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20736 | 0.89% | 0.92% | 0.93% | 0.95% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Owings, Maryland
In Owings, 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 local 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 Owings, 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 Owings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Owings are both $4,488, found in the 20736 zip code.
Average Owings Assessed Value
$483,800
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 Owings, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20736 | $310,000 | $389,150 | $483,800 | $585,600 | $703,380 |
Source: Ownwell
Property Tax Bills Across Owings, Maryland
In Owings, located in Calvert County, MD, property tax bills are calculated based on the assessed value of a home. This value is determined by the county's property tax assessor and reflects the estimated market value of the property. Homeowners in Owings can expect their tax bills to vary depending on several factors, such as the assessed value of their property and the local tax rate. For instance, the median home price in Owings is $483,800, and the property tax bills range significantly. Homeowners in the 25th percentile pay around $3,639 annually, while those in the 75th percentile see bills closer to $5,391. The highest tax bills, found in the 90th percentile, can reach up to $6,446. Comparatively, the national median property tax rate is 0.99%, indicating that Owings' property taxes can be relatively high. These tax bills directly impact homeowners by influencing their overall housing costs. Higher property taxes can affect affordability and the long-term financial planning of residents.
Average Owings Tax Bill
$4,488
Average Calvert County Tax Bill
$3,494
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Owings, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20736 | $3,006 | $3,639 | $4,488 | $5,391 | $6,446 |
Source: Ownwell