Drayden, Maryland Property Taxes
The median property tax rate in Drayden, MD is 0.98%, just below the national median of 0.99% and lower than the Maryland state median of 1.06%. With a median home value of $521,300 in Drayden, the typical annual property tax bill reaches $4,849, significantly higher than the national median of $2,690. Property taxes in Drayden 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 Drayden'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 Drayden 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
Drayden, 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 Drayden Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Drayden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drayden to provide an estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities. If you're curious about trends at the neighborhood level, scroll down for more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Drayden, Maryland
Property taxes in Drayden, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drayden is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Drayden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drayden 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 Drayden's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20630 has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these areas compare with Drayden 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 Drayden Tax Rate
0.98%
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 Drayden, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20630 | 0.87% | 0.93% | 0.98% | 1.03% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Drayden, Maryland
In Drayden, 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 Drayden, 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 Drayden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 20630, with a median tax bill of $4,849.
Average Drayden Assessed Value
$521,300
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 Drayden, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20630 | $234,180 | $368,150 | $521,300 | $625,800 | $870,910 |
Source: Ownwell
Property Tax Bills Across Drayden, Maryland
In Drayden, located in St. Mary's County, MD, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The median home price in this area is $521,300, which serves as a key factor in calculating the tax bill. Homeowners in Drayden can expect their property tax bills to vary significantly based on their home's assessed value and the local tax rate. For instance, the tax bill at the 25th percentile is $3,548, while at the 75th percentile, it reaches $6,014. Those in the 90th percentile see tax bills as high as $8,343. Compared to the national median property tax rate of 0.99%, the tax rates in Drayden can result in substantial tax bills, impacting homeowners' annual budgets. The highest and lowest median tax bills in the area are both $4,849, found in the zip code 20630, indicating some consistency within specific regions of the city. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Drayden Tax Bill
$4,849
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 Drayden, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20630 | $2,275 | $3,548 | $4,849 | $6,014 | $8,343 |
Source: Ownwell