Saint Michaels, Talbot County, Maryland Property Taxes
The median property tax rate in Saint Michaels, MD is 0.75%, which is notably lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Saint Michaels at $498,800, the typical annual property tax bill amounts to $3,773, surpassing the national median of $2,690. Property taxes in Saint Michaels are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Saint Michaels' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Saint Michaels 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
Saint Michaels, Talbot County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$3,741
$3,472
Ownwell’s Saint Michaels Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Saint Michaels with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saint Michaels to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value is the value assigned by Talbot County for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Saint Michaels, Talbot County, Maryland
Property taxes in Saint Michaels, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint Michaels is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Saint Michaels set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint Michaels 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 Saint Michaels' effective property tax rate to other counties in Maryland and the national median. For comparison, the 21663 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Saint Michaels provides valuable insights into the varying tax landscape across Talbot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint Michaels Tax Rate
0.75%
Average Talbot County Tax Rate
0.71%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Michaels, Talbot County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21663 | 0.41% | 0.65% | 0.75% | 0.83% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Saint Michaels, Talbot County, Maryland
In Saint Michaels, 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 Talbot 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 Saint Michaels, 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 Saint Michaels helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 21663 has the highest and lowest median tax bill, both at $3773, reflecting the unique tax landscape of the area.
Property Tax Assessment Values Across Saint Michaels, Talbot County, Maryland
Source: Ownwell
$206,450
$473,525
$740,600
Average Saint Michaels Assessed Value
$498,800
Average Talbot County Assessed Value
$319,650
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint Michaels, Talbot County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21663 | $236,870 | $306,175 | $498,800 | $926,850 | $1,454,190 |
Source: Ownwell
Property Tax Bills Across Saint Michaels, Talbot County, Maryland
In Saint Michaels, located in Talbot County, MD, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. This assessed value is an estimate of your property's market value as determined by the county assessor. For example, with a median home price of $498,800, the property tax rate is applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Saint Michaels can expect their tax bills to vary widely; the 25th percentile tax bill is about $2,122, while the 75th percentile reaches up to $6,958. At the 90th percentile, tax bills can be as high as $10,869. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated helps in budgeting for these annual expenses, which are crucial for maintaining community services and property values.
Average Saint Michaels Tax Bill
$3,773
Average Talbot County Tax Bill
$2,231
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Michaels, Talbot County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21663 | $1,497 | $2,122 | $3,773 | $6,958 | $10,869 |
Source: Ownwell