Chestertown, Maryland Property Taxes
The median property tax rate in Chestertown, MD is 1.11%, which is considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $256,600 in Chestertown, the typical annual property tax bill reaches $2,907, exceeding the national median of $2,690. Property taxes in Chestertown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Chestertown'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 Chestertown 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
Chestertown, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,848
$2,643
Ownwell’s Chestertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chestertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chestertown 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 Chestertown, Maryland
Property taxes in Chestertown, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chestertown is 1.11%, higher than the U.S. national median of 0.99%. Local government entities within Chestertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chestertown 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 Chestertown's effective property tax rate to other areas and the national median. For comparison, the zip code 21620 has both the highest and lowest median property tax rate of 1.11%. Understanding how these areas compare with Chestertown provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chestertown Tax Rate
1.11%
Average Kent County Tax Rate
1.12%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chestertown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21620 | 0.90% | 1.01% | 1.11% | 1.29% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Chestertown, Maryland
In Chestertown, 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 Kent 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 Chestertown, 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 Chestertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Chestertown, the median home price is $256,600. The highest and lowest median tax bills are both $2,907, found in zip code 21620. The tax bills range from $1,863 at the 25th percentile to $7,409 at the 90th percentile.
Average Chestertown Assessed Value
$256,600
Average Kent County Assessed Value
$227,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chestertown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21620 | $128,900 | $176,750 | $256,600 | $404,250 | $649,800 |
Source: Ownwell
Property Tax Bills Across Chestertown, Maryland
In Chestertown, located in Kent County, MD, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is an estimate of the market value of the property, which is periodically updated by local assessors. Factors influencing this assessment include the property's size, age, location, and any improvements made. Homeowners in Chestertown face varying property tax bills. For instance, the tax bill at the 25th percentile is $1,863, while at the 75th percentile, it jumps to $4,657. The tax bill at the 90th percentile reaches $7,409. The highest median tax bill stands at $2,907, which is significantly higher than the national median property tax rate of 0.99%. These tax bills can impact homeowners' finances, influencing decisions on buying, selling, or renovating properties. Understanding these factors can help homeowners better manage their expenses and plan for the future.
Average Chestertown Tax Bill
$2,907
Average Kent County Tax Bill
$2,628
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Chestertown, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21620 | $1,298 | $1,863 | $2,907 | $4,657 | $7,409 |
Source: Ownwell