Swan Point, Maryland Property Taxes
The median property tax rate in Swan Point, MD is 1.41%, significantly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $353,500 in Swan Point, the typical annual property tax bill reaches $4,917, surpassing the national median of $2,690. Property taxes in Swan Point are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Swan Point’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 Swan Point 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
Swan Point, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$4,984
Ownwell’s Swan Point Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Swan Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swan Point to provide an estimated property tax bill. This valuable tool helps you gauge potential tax liabilities and plan accordingly. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Charles County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Swan Point, Maryland
Property taxes in Swan Point, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swan Point is 1.41%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Swan Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swan Point 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 Swan Point's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20645 zip code has the highest median property tax rate of 1.41%, while the 20645 zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Swan Point provides valuable insights into the varying tax landscape across Charles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Swan Point Tax Rate
1.41%
Average Charles County Tax Rate
1.34%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swan Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20645 | 1.37% | 1.39% | 1.41% | 1.43% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Swan Point, Maryland
In Swan Point, 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 Charles 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 Swan Point, 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 Swan Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Swan Point is $353,500, with the 25th percentile tax bill at $4,196 and the 75th percentile tax bill at $6,147. The highest and lowest median tax bills are both $4,917, found in the 20645 zip code.
Average Swan Point Assessed Value
$353,500
Average Charles County Assessed Value
$334,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Swan Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20645 | $267,700 | $296,000 | $353,500 | $432,100 | $531,320 |
Source: Ownwell
Property Tax Bills Across Swan Point, Maryland
In Swan Point, located in Charles County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is not the same as the market value; it is a percentage of the market value set by the county. Homeowners in Swan Point typically face property tax bills that range significantly, with the 25th percentile at $4,196 and the 75th percentile reaching $6,147. For those in the 90th percentile, the tax bill can be as high as $7,491. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. High property tax bills can impact homeowners by increasing the overall cost of homeownership, making budgeting more challenging. However, these taxes also fund essential local services such as schools, public safety, and infrastructure, contributing to the community's overall quality of life.
Average Swan Point Tax Bill
$4,917
Average Charles County Tax Bill
$4,464
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Swan Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20645 | $3,654 | $4,196 | $4,917 | $6,147 | $7,491 |
Source: Ownwell