Tall Timbers, Maryland Property Taxes
The median property tax rate in Tall Timbers, MD is 0.95%, slightly below the Maryland state median of 1.06% but still close to the national median of 0.99%. With a median home value of $435,950, the typical annual property tax bill in Tall Timbers reaches $4,005, significantly higher than the national median of $2,690. Property taxes in Tall Timbers 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 Tall Timbers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tall Timbers 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
Tall Timbers, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$4,142
$3,843
Ownwell’s TALL TIMBERS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TALL TIMBERS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TALL TIMBERS 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 Tall Timbers, Maryland
Property taxes in Tall Timbers, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tall Timbers is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Tall Timbers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tall Timbers 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 Tall Timbers' effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 20690 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Tall Timbers 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 Tall Timbers Tax Rate
0.95%
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 Tall Timbers, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20690 | 0.86% | 0.91% | 0.95% | 1.01% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Tall Timbers, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tall Timbers, 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 St. Mary's County 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. 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 Tall Timbers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tall Timbers, the median home price is $435,950. The median tax bill at the 25th percentile is $2,850, while at the 75th percentile, it is $5,801, and at the 90th percentile, it reaches $6,828. The highest and lowest median tax bills are both $4,005, occurring in the 20690 zip code.
Average Tall Timbers Assessed Value
$435,950
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 Tall Timbers, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20690 | $214,450 | $294,250 | $435,950 | $626,475 | $736,450 |
Source: Ownwell
Property Tax Bills Across Tall Timbers, Maryland
In TALL TIMBERS, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition play a significant role in the assessed value. For homeowners in TALL TIMBERS, the median home price is $435,950. Property tax bills can vary widely, with the 25th percentile at $2,850 and the 75th percentile at $5,801. At the 90th percentile, tax bills can reach up to $6,828. These numbers are considerably higher than the national median property tax rate of 0.99%, reflecting the specific economic and real estate conditions of the area. High property taxes can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting property values and marketability. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Tall Timbers Tax Bill
$4,005
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 Tall Timbers, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20690 | $2,180 | $2,850 | $4,005 | $5,801 | $6,828 |
Source: Ownwell