Valley Lee, Maryland Property Taxes
The median property tax rate in Valley Lee, MD is 0.98%, slightly below the state median of 1.06% but closely aligned with the national median of 0.99%. With the median home value in Valley Lee at $377,350, the typical annual property tax bill reaches $3,560, significantly exceeding the national median of $2,690. Property taxes in Valley Lee are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Valley Lee'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 Valley Lee 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
Valley Lee, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$3,698
$3,432
Ownwell’s Valley Lee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valley Lee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valley Lee 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 Valley Lee, Maryland
Property taxes in Valley Lee, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Valley Lee is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Valley Lee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valley Lee 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 Valley Lee's effective property tax rate to other counties and the national median. For comparison, the ZIP code 20692 has both the highest and lowest median property tax rate of 0.98%, reflecting the uniformity in tax rates within this region. Understanding how these areas compare with Valley Lee 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 Valley Lee 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 Valley Lee, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20692 | 0.85% | 0.94% | 0.98% | 1.02% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Valley Lee, Maryland
In Valley Lee, 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 Valley Lee, 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. The median home price in Valley Lee is $377,350, with tax bills ranging from $2,668 at the 25th percentile to $6,484 at the 90th percentile. 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 Valley Lee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Valley Lee Assessed Value
$377,350
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 Valley Lee, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20692 | $205,500 | $285,675 | $377,350 | $503,025 | $723,150 |
Source: Ownwell
Property Tax Bills Across Valley Lee, Maryland
In Valley Lee, located in St. Mary's County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. Homeowners in Valley Lee can expect their tax bills to vary significantly depending on their property's value. For instance, the 25th percentile of tax bills sits at $2,668, while the 75th percentile reaches up to $4,741. The top 10% of tax bills can go as high as $6,484, reflecting the higher-end properties in the area. This variation in property taxes directly impacts homeowners by influencing their annual financial obligations. With the median home price in Valley Lee at $377,350, the property tax rate is a crucial factor in determining the overall affordability of owning a home. Comparatively, the national median property tax rate is 0.99%, making it essential for Valley Lee residents to understand how local rates and assessments affect their specific tax bills.
Average Valley Lee Tax Bill
$3,560
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 Valley Lee, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20692 | $1,951 | $2,668 | $3,560 | $4,741 | $6,484 |
Source: Ownwell