Chestnut Hill Cove, Maryland Property Taxes
The median property tax rate in Chestnut Hill Cove, MD is 1.07%, slightly above both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $249,550 in Chestnut Hill Cove, the typical annual property tax bill amounts to $2,647, surpassing the national median of $2,690. Property taxes in Chestnut Hill Cove are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Chestnut Hill Cove'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 Chestnut Hill Cove or another part of Anne Arundel County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chestnut Hill Cove, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,670
Ownwell’s Chestnut Hill Cove Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chestnut Hill Cove with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chestnut Hill Cove to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, you can scroll down to find localized information. Your property’s assessed value is determined by the county for tax calculations, including any applicable exemptions.
Property Tax Rates Across Chestnut Hill Cove, Maryland
Property taxes in Chestnut Hill Cove, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Chestnut Hill Cove is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Chestnut Hill Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chestnut Hill Cove 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 Chestnut Hill Cove's effective property tax rate to other areas and the national median. For comparison, the zip code 21226 has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Chestnut Hill Cove provides valuable insights into the varying tax landscape across Anne Arundel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chestnut Hill Cove Tax Rate
1.07%
Average Anne Arundel County Tax Rate
0.97%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chestnut Hill Cove, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21226 | 0.84% | 1.01% | 1.07% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Chestnut Hill Cove, Maryland
In Chestnut Hill Cove, 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 Anne Arundel 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. Assessment notices in Chestnut Hill Cove 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 Chestnut Hill Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 21226, with a tax bill of $2,647.
Property Tax Assessment Values Across Chestnut Hill Cove, Maryland
Source: Ownwell
$224,750
$1,053,975
$1,883,200
Average Chestnut Hill Cove Assessed Value
$249,550
Average Anne Arundel County Assessed Value
$376,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chestnut Hill Cove, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21226 | $238,300 | $244,000 | $249,550 | $260,000 | $268,200 |
Source: Ownwell
Property Tax Bills Across Chestnut Hill Cove, Maryland
In Chestnut Hill Cove, Anne Arundel County, MD, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the county's property tax rate. For homeowners, several factors influence the final tax bill, including the median home price, which stands at $249,550 in the area. The property tax rate in Anne Arundel County is compared to the national median property tax rate of 0.99%. Homeowners in Chestnut Hill Cove typically see tax bills that vary across different percentiles. For instance, the tax bill at the 25th percentile is $2,492, while at the 75th percentile, it reaches $2,755. The 90th percentile sees a tax bill of $2,820. The highest and lowest median tax bills in the area are both recorded at $2,647 within the 21226 zip code. These property taxes support local services and infrastructure, impacting homeowners by contributing to the overall cost of homeownership. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Chestnut Hill Cove Tax Bill
$2,647
Average Anne Arundel County Tax Bill
$3,553
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Chestnut Hill Cove, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21226 | $2,075 | $2,492 | $2,647 | $2,755 | $2,820 |
Source: Ownwell