Park Hall, Maryland Property Taxes
The median property tax rate in Park Hall, MD is 1.12%, which is considerably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $247,900 in Park Hall, the typical annual property tax bill reaches $2,666, slightly below the national median of $2,690. Property taxes in Park Hall 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 Park Hall'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 Park Hall 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
Park Hall, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,776
Ownwell’s PARK HALL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK HALL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK HALL 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 Park Hall, Maryland
Property taxes in Park Hall, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Hall is 1.12%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Park Hall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Hall 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 Park Hall's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20667 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Park Hall 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 Park Hall Tax Rate
1.12%
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 Park Hall, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20667 | 1.05% | 1.10% | 1.12% | 1.14% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Park Hall, Maryland
In Park Hall, 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 Park Hall, 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 Park Hall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,666, found in the 20667 zip code.
Average Park Hall Assessed Value
$247,900
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 Park Hall, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20667 | $154,840 | $190,925 | $247,900 | $310,325 | $416,330 |
Source: Ownwell
Property Tax Bills Across Park Hall, Maryland
In Park Hall, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home, not its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $247,900, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors influencing the tax bill include property location, home improvements, and local government budgets. In Park Hall, the 25th percentile tax bill is around $2,087, while the 75th percentile reaches $3,394, and the 90th percentile can go up to $4,479. This range indicates a significant variation in tax obligations based on property assessments and individual circumstances. Compared to the national median property tax rate of 0.99%, Park Hall's tax landscape can be more demanding for homeowners. Understanding these factors helps residents anticipate their financial responsibilities and plan accordingly.
Average Park Hall Tax Bill
$2,666
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 Park Hall, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20667 | $1,579 | $2,087 | $2,666 | $3,394 | $4,479 |
Source: Ownwell