Prince Frederick, Maryland Property Taxes
The median property tax rate in Prince Frederick, MD is 1.01%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With a median home value in Prince Frederick of $345,450, the typical annual property tax bill reaches $3,490, surpassing the national median of $2,690. Property taxes in Prince Frederick 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 Prince Frederick'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 Prince Frederick or another part of Calvert County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prince Frederick, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$3,489
$3,238
Ownwell’s Prince Frederick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prince Frederick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prince Frederick 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 Prince Frederick, Maryland
Property taxes in Prince Frederick, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prince Frederick is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Prince Frederick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prince Frederick 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 Prince Frederick's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20678 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Prince Frederick provides valuable insights into the varying tax landscape across Calvert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prince Frederick Tax Rate
1.01%
Average Calvert County Tax Rate
1.01%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prince Frederick, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20678 | 0.98% | 0.99% | 1.01% | 1.02% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Prince Frederick, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prince Frederick, Maryland. 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 local 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 Prince Frederick, 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 the area is $345,450, with tax bills ranging from $2,712 at the 25th percentile to $5,638 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prince Frederick, Maryland
Source: Ownwell
$226,700
$359,550
$492,400
Average Prince Frederick Assessed Value
$345,450
Average Calvert County Assessed Value
$346,200
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prince Frederick, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20678 | $201,400 | $264,600 | $345,450 | $453,750 | $555,100 |
Source: Ownwell
Property Tax Bills Across Prince Frederick, Maryland
In Prince Frederick, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $345,450, and the property tax rate is a crucial factor in determining the final bill. The local tax rate, applied to the assessed value, results in the annual property tax bill. For homeowners in Prince Frederick, tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $2,712, while at the 75th percentile, it rises to around $4,568. The 90th percentile sees tax bills reaching up to $5,638. The median tax bill in the area is notably higher than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual expenses and overall cost of homeownership. Higher property taxes can affect affordability and budgeting, making it essential for homeowners to understand how their tax bills are calculated and what factors contribute to the final amount.
Average Prince Frederick Tax Bill
$3,490
Average Calvert County Tax Bill
$3,494
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Prince Frederick, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20678 | $2,160 | $2,712 | $3,490 | $4,568 | $5,638 |
Source: Ownwell