Coltons Point, Maryland Property Taxes
The median property tax rate in Coltons Point, MD is 1.09%, which is higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Coltons Point at $336,300, the typical annual property tax bill reaches $3,236, surpassing the national median of $2,690. Property taxes in Coltons Point are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Coltons Point'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 Coltons Point 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
Coltons Point, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$3,666
$3,402
Ownwell’s Coltons Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coltons Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coltons Point 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 Coltons Point, Maryland
Property taxes in Coltons Point, Maryland, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Coltons Point is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Coltons Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coltons Point 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 Coltons Point's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20626 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Coltons Point 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 Coltons Point Tax Rate
1.09%
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 Coltons Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20626 | 0.99% | 1.05% | 1.09% | 1.12% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Coltons Point, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Coltons Point, 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 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 Coltons Point, 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 Coltons Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Coltons Point is $336,300, with tax bills ranging from $1,920 at the 25th percentile to $6,113 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 20626, with a median tax bill of $3,236.
Property Tax Assessment Values Across Coltons Point, Maryland
Source: Ownwell
$179,000
$350,150
$521,300
Average Coltons Point Assessed Value
$336,300
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 Coltons Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20626 | $137,080 | $186,450 | $336,300 | $470,900 | $595,940 |
Source: Ownwell
Property Tax Bills Across Coltons Point, Maryland
In Coltons Point, 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's office. The assessed value is a percentage of the market value of the property. This value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $336,300, homeowners can expect to pay a tax bill that varies widely. Factors such as location, property size, and home improvements can influence the assessed value. For instance, tax bills in the 25th percentile are around $1,920, while those in the 75th percentile can reach up to $5,084, and the 90th percentile can be as high as $6,113. These figures highlight the variability in property tax bills within the region. Homeowners in Coltons Point must budget for these taxes, which can significantly impact overall housing costs, especially when compared to the national median property tax rate of 0.99%.
Average Coltons Point Tax Bill
$3,236
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 Coltons Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20626 | $1,479 | $1,920 | $3,236 | $5,084 | $6,113 |
Source: Ownwell