Callaway, Maryland Property Taxes
The median property tax rate in Callaway, MD is 0.99%, aligning precisely with the national median of 0.99% but slightly lower than Maryland's state median of 1.06%. With the median home value in Callaway at $323,500, the typical annual property tax bill reaches $3,198, surpassing the national median of $2,690. Property taxes in Callaway are determined based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Callaway'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 Callaway 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
Callaway, 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 Callaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callaway 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 Callaway, Maryland
Property taxes in Callaway, Maryland, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Callaway is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Callaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callaway 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 Callaway's effective property tax rate to other areas in Maryland and the national median. For comparison, the highest median property tax rate in the region is also 0.99%, found in the zip code 20620, while the lowest median tax rate is similarly 0.99%, in the same zip code. Understanding how these cities compare with Callaway provides valuable insights into the varying tax landscape across St. Mary's County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callaway Tax Rate
0.99%
Average St. Mary's County Tax Rate
1.05%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callaway, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20620 | 0.90% | 0.95% | 0.99% | 1.02% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Callaway, Maryland
In Callaway, 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 St. Mary'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 Callaway, 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 Callaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Callaway are both $3198, occurring in the 20620 zip code.
Average Callaway Assessed Value
$323,500
Average St. Mary's County Assessed Value
$302,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callaway, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20620 | $166,760 | $197,700 | $323,500 | $403,900 | $478,140 |
Source: Ownwell
Property Tax Bills Across Callaway, Maryland
In Callaway, located in St. Mary’s County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including property size, location, and any improvements made to the home. Homeowners in Callaway can expect a wide range of tax bills depending on their property’s assessed value. For instance, the tax bill at the 25th percentile is $1,987, while the 75th percentile sees bills around $3,871. At the 90th percentile, homeowners may face tax bills as high as $4,501. These property taxes significantly impact homeowners, as they represent a considerable portion of annual household expenses. Understanding these factors can help homeowners better anticipate their financial obligations and budget accordingly.
Average Callaway Tax Bill
$3,198
Average St. Mary's County Tax Bill
$3,095
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Callaway, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20620 | $1,712 | $1,987 | $3,198 | $3,871 | $4,501 |
Source: Ownwell