Ridge, Maryland Property Taxes
The median property tax rate in Ridge, MD is 1.07%, slightly higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $330,900 in Ridge, the typical annual property tax bill reaches $3,484, significantly exceeding the national median of $2,690. Property taxes in Ridge are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Ridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ridge or another part of St. Mary's County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ridge, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$3,541
Ownwell’s Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridge 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 Ridge, Maryland
Property taxes in Ridge, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridge is 1.07%, higher than both the Maryland state median of 1.03% and the U.S. national median of 0.99%. Local government entities within Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridge 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 Ridge's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20680 zip code has the highest median property tax rate of 1.07%, while the 20680 zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Ridge 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 Ridge Tax Rate
1.07%
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 Ridge, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20680 | 0.98% | 1.06% | 1.07% | 1.10% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Ridge, Maryland
In Ridge, 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 Ridge, 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 Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ridge are both $3484, found in the 20680 zip code.
Average Ridge Assessed Value
$330,900
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 Ridge, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20680 | $160,200 | $223,250 | $330,900 | $443,750 | $574,000 |
Source: Ownwell
Property Tax Bills Across Ridge, Maryland
In Ridge, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor, who evaluates the property's market value. Factors such as property size, location, and improvements are considered during this assessment. Homeowners in Ridge can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $2,276, while the 75th percentile tax bill reaches around $4,582. At the higher end, the 90th percentile tax bill can be as much as $5,891. The median home price in Ridge is $330,900, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Ridge's tax bills reflect the specific local rates and property values. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Ridge Tax Bill
$3,484
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 Ridge, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20680 | $1,671 | $2,276 | $3,484 | $4,582 | $5,891 |
Source: Ownwell