Bushwood, Maryland Property Taxes
The median property tax rate in Bushwood, MD is 1.08%, slightly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Bushwood at $241,000, the typical annual property tax bill reaches $2,534, closely aligning with the national median of $2,690. Property taxes in Bushwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bushwood'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 Bushwood 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
Bushwood, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,603
Ownwell’s Bushwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bushwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bushwood 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 Bushwood, Maryland
Property taxes in Bushwood, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bushwood is 1.08%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Bushwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bushwood 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 Bushwood's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20618 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Bushwood 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 Bushwood Tax Rate
1.08%
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 Bushwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20618 | 0.99% | 1.05% | 1.08% | 1.11% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Bushwood, Maryland
In Bushwood, 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 St. Mary's 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 Bushwood, 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. The median home price in Bushwood is $241,000, with tax bills ranging from $1,957 at the 25th percentile to $5,195 at the 90th percentile. The highest and lowest median tax bills are both found in the 20618 zip code, amounting to $2,534. By understanding 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 Bushwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bushwood Assessed Value
$241,000
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 Bushwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20618 | $132,020 | $180,300 | $241,000 | $341,700 | $488,720 |
Source: Ownwell
Property Tax Bills Across Bushwood, Maryland
In Bushwood, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home. The local government assesses the value of properties to determine their market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and home improvements can influence the assessed value. For example, with a median home price of $241,000, homeowners in Bushwood can expect their property tax bills to vary. The tax bill at the 25th percentile is approximately $1,957, while at the 75th percentile, it rises to about $3,617. Homeowners at the 90th percentile may see tax bills as high as $5,195. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Bushwood's property tax rates can significantly impact homeowners, influencing their overall cost of living and potentially affecting decisions related to homeownership and property investments.
Average Bushwood Tax Bill
$2,534
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 Bushwood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20618 | $1,498 | $1,957 | $2,534 | $3,617 | $5,195 |
Source: Ownwell