Hollywood, Maryland Property Taxes
The median property tax rate in Hollywood, MD is 0.96%, slightly below both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Hollywood at $386,100, the typical annual property tax bill reaches $3,607, surpassing the national median of $2,690. Property taxes in Hollywood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hollywood'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 Hollywood 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
Hollywood, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$3,707
$3,440
Ownwell’s Hollywood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollywood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollywood 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 Hollywood, Maryland
Property taxes in Hollywood, Maryland, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollywood is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Hollywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollywood 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. Understanding how Hollywood's effective property tax rate compares to other areas within St. Mary’s County and the national median provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollywood Tax Rate
0.96%
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 Hollywood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20636 | 0.87% | 0.92% | 0.96% | 1.00% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Hollywood, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hollywood, 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 Hollywood, 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 Hollywood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 20636, with a median tax bill of $3,607.
Average Hollywood Assessed Value
$386,100
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 Hollywood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20636 | $215,200 | $279,800 | $386,100 | $522,300 | $638,640 |
Source: Ownwell
Property Tax Bills Across Hollywood, Maryland
In Hollywood, 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. Homeowners in St. Mary's County, where Hollywood is located, can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $2,691, while the 75th percentile reaches $4,857, and the 90th percentile can go up to $5,975. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The median home price in Hollywood is $386,100, and the property tax rate in this area is competitive compared to the national median property tax rate of 0.99%. These property taxes fund essential community services, such as schools, public safety, and infrastructure, impacting homeowners by contributing to the overall quality of life in the area.
Average Hollywood Tax Bill
$3,607
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 Hollywood, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20636 | $2,026 | $2,691 | $3,607 | $4,857 | $5,975 |
Source: Ownwell