Chesapeake City, Maryland Property Taxes
The median property tax rate in Chesapeake City, MD is 0.92%, slightly below both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Chesapeake City at $264,900, the typical annual property tax bill reaches $2,584, which is lower than the national median of $2,690. Property taxes in Chesapeake City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chesapeake City'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 Chesapeake City 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
Chesapeake City, 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 Chesapeake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chesapeake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chesapeake City 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 Chesapeake City, Maryland
Property taxes in Chesapeake City, Maryland, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Chesapeake City is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Chesapeake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chesapeake City 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 Chesapeake City's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21915 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Chesapeake City provides valuable insights into the varying tax landscape across Cecil County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chesapeake City Tax Rate
0.92%
Average Cecil County Tax Rate
0.89%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chesapeake City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21915 | 0.75% | 0.82% | 0.92% | 1.12% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Chesapeake City, Maryland
In Chesapeake City, 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 Cecil 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 Chesapeake City, 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 Chesapeake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in Chesapeake City is $2,584 in the 21915 zip code, while the lowest median tax bill is also $2,584 in the same zip code, reflecting the consistency in assessed values within this area.
Property Tax Assessment Values Across Chesapeake City, Maryland
Source: Ownwell
$154,700
$249,050
$343,400
Average Chesapeake City Assessed Value
$264,900
Average Cecil County Assessed Value
$239,900
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chesapeake City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21915 | $165,820 | $206,500 | $264,900 | $362,200 | $576,080 |
Source: Ownwell
Property Tax Bills Across Chesapeake City, Maryland
In Chesapeake City, located in Cecil County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Chesapeake City pay property taxes that are influenced by several factors, including the assessed value of their property, the local tax rate, and any applicable exemptions or deductions. The median home price in Chesapeake City stands at $264,900, with property tax bills varying widely. Homeowners in the 25th percentile can expect to pay around $1,962, while those in the 75th percentile might see bills as high as $3,755. For the top 10% of property values, tax bills can reach up to $5,852. These property tax bills significantly impact homeowners by influencing their overall housing costs and monthly budgets. Compared to the national median property tax rate of 0.99%, Chesapeake City's tax rates and bills provide a useful benchmark for understanding local tax burdens.
Average Chesapeake City Tax Bill
$2,584
Average Cecil County Tax Bill
$2,238
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Chesapeake City, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21915 | $1,495 | $1,962 | $2,584 | $3,755 | $5,852 |
Source: Ownwell