Solomons, Maryland Property Taxes
The median property tax rate in Solomons, MD is 1.04%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With a median home value of $309,200 in Solomons, the typical annual property tax bill reaches $3,281, surpassing the national median of $2,690. Property taxes in Solomons are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Solomons' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Solomons 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
Solomons, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$3,216
$2,984
Ownwell’s Solomons Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Solomons with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solomons 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 Solomons, Maryland
Property taxes in Solomons, Maryland, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Solomons is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities in Solomons set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solomons 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 Solomons' effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20688 has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Solomons 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 Solomons Tax Rate
1.04%
Average Calvert County Tax Rate
1.01%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solomons, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20688 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Solomons, Maryland
In Solomons, 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 Calvert 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 Solomons, 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 Solomons helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Solomons is $309,200, with tax bills ranging from $2,488 at the 25th percentile to $5,608 at the 90th percentile. The zip code 20688 has the highest median tax bill at $3,281, which is above the national median property tax rate of 0.99%.
Average Solomons Assessed Value
$309,200
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 Solomons, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20688 | $187,240 | $232,200 | $309,200 | $398,400 | $535,320 |
Source: Ownwell
Property Tax Bills Across Solomons, Maryland
In Solomons, located in Calvert County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Solomons experience a range of property tax bills, influenced by factors such as property size, location, and improvements. For instance, the median home price in Solomons is $309,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,488 and the 75th percentile at $4,155. At the higher end, the 90th percentile tax bill reaches $5,608. These figures illustrate the variation in tax obligations among homeowners, depending on their property's assessed value and specific characteristics. Comparatively, Solomons' property tax rates can be seen against the national median property tax rate of 0.99%, providing homeowners with a benchmark for understanding their tax responsibilities. This variability in tax bills affects homeowners by influencing their annual financial planning and overall cost of homeownership.
Average Solomons Tax Bill
$3,281
Average Calvert County Tax Bill
$3,494
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Solomons, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20688 | $2,049 | $2,488 | $3,281 | $4,155 | $5,608 |
Source: Ownwell