Piney Point, Maryland Property Taxes
The median property tax rate in Piney Point, MD is 0.97%, slightly below the national median of 0.99% but also lower than the Maryland state median of 1.06%. With the median home value in Piney Point, the typical annual property tax bill reaches $3,694, which surpasses the national median of $2,690. Property taxes in Piney Point are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Piney 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 Piney Point or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Piney Point, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$3,735
Ownwell’s Piney Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Piney Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Piney 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 Piney Point, Maryland
Property taxes in Piney Point, MD, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Piney Point is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Piney Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Piney 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 Piney Point's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20674 in St. Mary's County has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Piney 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 Piney Point Tax Rate
0.97%
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 Piney Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20674 | 0.86% | 0.92% | 0.97% | 1.01% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Piney Point, Maryland
In Piney Point, 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 Piney 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 Piney Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Piney Point is $385,100, with tax bills varying widely. For instance, the 25th percentile tax bill is $2,312, while the 75th percentile tax bill is $5,139. The highest median tax bill in the area is $3,694 in the 20674 zip code, which also has the lowest median tax bill of $3,694.
Average Piney Point Assessed Value
$385,100
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 Piney Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20674 | $160,560 | $238,300 | $385,100 | $548,350 | $734,420 |
Source: Ownwell
Property Tax Bills Across Piney Point, Maryland
In Piney 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. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Piney Point can expect varying tax bills depending on their property's value. For example, the tax bill at the 25th percentile is $2,312, while at the 75th percentile, it reaches $5,139. At the 90th percentile, homeowners might see tax bills as high as $6,800. These figures highlight the range of property tax obligations within the area. Compared to the national median property tax rate of 0.99%, the property tax rates in Piney Point reflect the local economic conditions and property values, significantly affecting homeowners' annual financial planning and budgeting.
Average Piney Point Tax Bill
$3,694
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 Piney Point, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20674 | $1,599 | $2,312 | $3,694 | $5,139 | $6,800 |
Source: Ownwell