Clements, Maryland Property Taxes
The median property tax rate in Clements, MD is 1.05%, slightly higher than the national median of 0.99% but just below the Maryland state median of 1.06%. With the median home value in Clements at $335,100, the typical annual property tax bill reaches $3,416, significantly exceeding the national median of $2,690. Property taxes in Clements 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 Clements' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Clements 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
Clements, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$3,519
$3,265
Ownwell’s Clements Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clements with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clements 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 Clements, Maryland
Property taxes in Clements, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clements stands at 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Clements set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clements 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 Clements' effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20624 has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Clements 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 Clements Tax Rate
1.05%
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 Clements, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20624 | 0.90% | 0.99% | 1.05% | 1.08% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Clements, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clements, 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 local 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 Clements, 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 Clements helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 20624, at $3,416, while the lowest median tax bill is also found in the same zip code at the same amount.
Average Clements Assessed Value
$335,100
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 Clements, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20624 | $201,680 | $274,000 | $335,100 | $419,700 | $522,420 |
Source: Ownwell
Property Tax Bills Across Clements, Maryland
In Clements, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by local government assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Clements experience varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $2,773, while at the 75th percentile, it rises to $4,235, and at the 90th percentile, it reaches $5,279. Comparatively, the national median property tax rate is 0.99%, making Clements' property tax rates relatively high. This can significantly impact homeowners, especially those with higher-valued properties, as it increases their annual financial obligations. Understanding these factors is crucial for homeowners to anticipate their property tax expenses accurately.
Average Clements Tax Bill
$3,416
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 Clements, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20624 | $2,029 | $2,773 | $3,416 | $4,235 | $5,279 |
Source: Ownwell