Great Mills, Maryland Property Taxes
The median property tax rate in Great Mills, MD is 1.10%, which is higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $244,700 in Great Mills, the typical annual property tax bill amounts to $2,668, slightly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence exemption. Understanding Great Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Great Mills or another part of St. Mary's County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Great Mills, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,692
Ownwell’s GREAT MILLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREAT MILLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREAT MILLS 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 Great Mills, Maryland
Property taxes in Great Mills, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Great Mills is 1.10%, significantly higher than the U.S. national median of 0.99%. Local government entities within Great Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Great Mills 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 Great Mills' effective property tax rate to other areas in St. Mary's County and the national median. For comparison, the zip code 20634 in Great Mills has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these figures compare with Great Mills 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 Great Mills Tax Rate
1.10%
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 Great Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20634 | 0.98% | 1.09% | 1.10% | 1.11% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Great Mills, Maryland
In Great Mills, 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 assessment authority 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 Great Mills, 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 Great Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Great Mills are both $2,668 in the zip code 20634, reflecting the uniformity in tax assessments.
Average Great Mills Assessed Value
$244,700
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 Great Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20634 | $135,000 | $175,400 | $244,700 | $299,550 | $373,300 |
Source: Ownwell
Property Tax Bills Across Great Mills, Maryland
In Great Mills, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the market value of the property. Homeowners in Great Mills face varying tax bills, influenced by factors such as property size, location, and market conditions. The median home price in Great Mills is $244,700, and property tax bills show significant variation. For instance, the 25th percentile tax bill is $1,953, while the 75th percentile tax bill is $3,236, and the 90th percentile tax bill reaches $3,849. These figures highlight the range of tax burdens that homeowners may encounter. Compared to the national median property tax rate of 0.99%, the property tax rates in Great Mills can be seen as relatively high, affecting overall affordability and the financial planning of homeowners. Understanding these factors is crucial for residents as they navigate their property tax responsibilities.
Average Great Mills Tax Bill
$2,668
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 Great Mills, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20634 | $1,538 | $1,953 | $2,668 | $3,236 | $3,849 |
Source: Ownwell