Chestertown, Maryland Property Taxes
The median property tax rate in Chestertown, MD is 0.79%, which is lower than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $264,800 in Chestertown, the typical annual property tax bill amounts to $2,141, falling below the national median of $2,690. Property taxes in Chestertown are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions like those for primary residences and agricultural properties. 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, comprehending 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
0.79%
Estimate Property Tax Bill
$2,092
$1,941
Ownwell’s Chestertown Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chestertown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chestertown to provide an accurate estimate of 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 determined by the county for property tax calculations and includes any applicable exemptions.
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 0.79%, which is lower 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 counties in Maryland and the national median. For comparison, the 21620 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Chestertown provides valuable insights into the varying tax landscape across Queen Anne's County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chestertown Tax Rate
0.79%
Average Queen Anne's County Tax Rate
0.94%
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 | 0.73% | 0.75% | 0.79% | 0.84% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Chestertown, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chestertown, 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 Queen Anne's 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. The median home price in Chestertown is $264,800. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in Chestertown are both $2,141, found in the 21620 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chestertown Assessed Value
$264,800
Average Queen Anne's County Assessed Value
$361,000
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 | $157,300 | $202,200 | $264,800 | $369,400 | $609,100 |
Source: Ownwell
Property Tax Bills Across Chestertown, Maryland
In Chestertown, located in Queen Anne's County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the tax bill. Homeowners in Chestertown can expect their tax bills to vary significantly depending on their property's assessed value and the specific tax rate applied. For example, the 25th percentile tax bill in Chestertown is approximately $1,580, while the 75th percentile tax bill reaches around $2,892. At the higher end, the 90th percentile tax bill can be as much as $4,769. These figures indicate a wide range of property tax liabilities that homeowners might face. Compared to the national median property tax rate of 0.99%, Chestertown's tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Chestertown Tax Bill
$2,141
Average Queen Anne's County Tax Bill
$3,399
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 | $1,302 | $1,580 | $2,141 | $2,892 | $4,769 |
Source: Ownwell