Chevy Chase, Maryland Property Taxes
The median property tax rate in Chevy Chase, MD is 1.06%, slightly higher than the national median of 0.99% and equal to the Maryland state median of 1.06%. With the median home value in Chevy Chase, the typical annual property tax bill reaches $11,305, significantly exceeding the national median of $2,690. Property taxes in Chevy Chase 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 Chevy Chase'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 Chevy Chase 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
Chevy Chase, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Chevy Chase Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chevy Chase with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chevy Chase 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Chevy Chase, Maryland
Property taxes in Chevy Chase, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chevy Chase is 1.06%, higher than the U.S. national median of 0.99%. Local government entities within Chevy Chase set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chevy Chase 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 Chevy Chase's effective property tax rate to other areas and the national median. For comparison, the zip code 20815 has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Chevy Chase provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chevy Chase Tax Rate
1.06%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chevy Chase, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20815 | 0.87% | 0.97% | 1.06% | 1.14% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Chevy Chase, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chevy Chase, 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 Montgomery 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 Chevy Chase, 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 Chevy Chase helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Chevy Chase are both $11,305, found in the 20815 zip code.
Property Tax Assessment Values Across Chevy Chase, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Chevy Chase Assessed Value
$1,118,200
Average Montgomery County Assessed Value
$471,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chevy Chase, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20815 | $315,000 | $694,550 | $1,118,200 | $1,555,825 | $2,139,400 |
Source: Ownwell
Property Tax Bills Across Chevy Chase, Maryland
In Chevy Chase, located in Montgomery County, MD, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $1,118,200, and property taxes are a significant consideration for homeowners. The tax bill is determined by the property’s assessed value multiplied by the local tax rate. For Chevy Chase, this results in a median tax bill of $11,305, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value and any applicable exemptions or deductions. For example, homeowners in the 25th percentile can expect a tax bill around $6,882, while those in the 75th percentile might see bills up to $15,933. At the 90th percentile, tax bills can soar to approximately $22,221. This variability reflects the diverse property values within Chevy Chase and underscores the importance of understanding how property taxes impact overall homeownership costs.
Average Chevy Chase Tax Bill
$11,305
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Chevy Chase, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20815 | $3,219 | $6,882 | $11,305 | $15,933 | $22,221 |
Source: Ownwell