Chaptico, Maryland Property Taxes
The median property tax rate in Chaptico, MD is 1.08%, which is higher than both the national median of 0.99% and Maryland's state median of 1.06%. With the median home value in Chaptico at $277,850, the typical annual property tax bill reaches $2,858, surpassing the national median of $2,690. Property taxes in Chaptico 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 Chaptico'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 Chaptico or another part of St. Mary's County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chaptico, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$3,001
$2,785
Ownwell’s Chaptico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chaptico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chaptico 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 Chaptico, Maryland
Property taxes in Chaptico, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chaptico is 1.08%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Chaptico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chaptico 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 Chaptico's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20621 zip code has the highest median property tax rate of 1.08%, while the 20621 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Chaptico 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 Chaptico Tax Rate
1.08%
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 Chaptico, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20621 | 0.95% | 1.04% | 1.08% | 1.13% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Chaptico, Maryland
In Chaptico, 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 Chaptico, 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 Chaptico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Chaptico is $277,850, with the annual tax bill ranging from $1,855 at the 25th percentile to $5,213 at the 90th percentile. The highest and lowest median tax bills are both $2,858 in the 20621 zip code.
Average Chaptico Assessed Value
$277,850
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 Chaptico, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20621 | $117,290 | $170,200 | $277,850 | $370,925 | $488,710 |
Source: Ownwell
Property Tax Bills Across Chaptico, Maryland
In Chaptico, St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $277,850, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $1,855, while at the 75th percentile, it increases to approximately $3,833. Those at the 90th percentile may see tax bills as high as $5,213. Several factors influence these amounts, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, these property taxes can significantly impact annual expenses, making it crucial to understand how their tax bill is determined. Compared to the national median property tax rate of 0.99%, Chaptico's tax environment provides a clear picture of the local property tax landscape.
Average Chaptico Tax Bill
$2,858
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 Chaptico, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20621 | $1,359 | $1,855 | $2,858 | $3,833 | $5,213 |
Source: Ownwell