Mount Victoria, Maryland Property Taxes
The median property tax rate in Mount Victoria, MD is 1.39%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Mount Victoria at $416,400, the typical annual property tax bill reaches $5,453, exceeding the national median of $2,690. Property taxes in Mount Victoria are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Victoria'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 Mount Victoria 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
Mount Victoria, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$5,788
Ownwell’s Mount Victoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Victoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Victoria 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 Mount Victoria, Maryland
Property taxes in Mount Victoria, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Victoria is 1.39%, notably higher than the U.S. national median of 0.99%. Local government entities within Mount Victoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Victoria 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 Mount Victoria's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20661 zip code has the highest median property tax rate of 1.39%, while the 20661 zip code also has the lowest median tax rate of 1.39%. Understanding how these areas compare with Mount Victoria provides valuable insights into the varying tax landscape across Charles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Victoria Tax Rate
1.39%
Average Charles County Tax Rate
1.34%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Victoria, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20661 | 1.22% | 1.38% | 1.39% | 1.45% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Mount Victoria, Maryland
In Mount Victoria, 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 Charles 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 Mount Victoria, 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 Mount Victoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mount Victoria is $416,400, with the highest and lowest median tax bills both recorded at $5,453 in the 20661 zip code.
Property Tax Assessment Values Across Mount Victoria, Maryland
Source: Ownwell
$219,900
$345,350
$470,800
Average Mount Victoria Assessed Value
$416,400
Average Charles County Assessed Value
$334,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Victoria, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20661 | $171,060 | $266,875 | $416,400 | $544,175 | $590,280 |
Source: Ownwell
Property Tax Bills Across Mount Victoria, Maryland
In Mount Victoria, Charles County, MD, 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 $416,400. To determine the tax bill, the county assesses the property's value and then applies the local tax rate. Factors such as property improvements, market conditions, and neighborhood trends can influence this assessed value. Homeowners in Mount Victoria can expect a wide range of property tax bills. At the 25th percentile, the tax bill is around $3,680, while at the 75th percentile, it rises to approximately $7,567. For those in the 90th percentile, tax bills can reach up to $8,173. This variability highlights how different factors, including property size and market value, impact tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Mount Victoria may experience higher tax bills due to the area's specific assessed values and rates. Understanding these factors can help homeowners better anticipate their annual property tax responsibilities.
Average Mount Victoria Tax Bill
$5,453
Average Charles County Tax Bill
$4,464
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Victoria, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20661 | $2,624 | $3,680 | $5,453 | $7,567 | $8,173 |
Source: Ownwell