St Mary's County Md Real Estate Taxes
St. Mary's County, located in the state of Maryland, is known for its beautiful scenery, rich history, and unique culture. If you are thinking of buying a home in St. Mary's County, it is important to understand the real estate taxes that you will be required to pay. Real estate taxes are a significant expense for homeowners, and it is important to plan for them accordingly. In this article, we will discuss everything you need to know about St. Mary's County Md real estate taxes.
What are Real Estate Taxes?
Real estate taxes, also known as property taxes, are taxes that are levied on real property, such as land and buildings. These taxes are typically based on the assessed value of the property and are used to fund local government services, such as schools, police and fire departments, and road maintenance. Real estate taxes are typically paid annually, and the amount due is based on the assessed value of the property.
How are Real Estate Taxes Calculated in St. Mary's County, MD?
In St. Mary's County, real estate taxes are calculated based on the assessed value of the property. The assessed value is determined by the county's Department of Assessment and Taxation and is based on the fair market value of the property. The tax rate is then applied to the assessed value to determine the amount of taxes due.
The tax rate in St. Mary's County is currently $0.926 per $100 of assessed value. For example, if your property is assessed at $200,000, your annual real estate tax bill would be $1,852 ($200,000 divided by 100, multiplied by the tax rate of $0.926).
Are There any Exemptions or Credits Available for Real Estate Taxes in St. Mary's County?
There are several exemptions and credits available for real estate taxes in St. Mary's County. These include:
- Homestead Tax Credit - This credit is available to homeowners who use their property as their primary residence. It limits the amount of assessed value that can be taxed and can result in significant savings.
- Solar Energy System Tax Credit - This credit is available to homeowners who install a solar energy system on their property. It allows for a 30% tax credit on the cost of the system.
- Historic Property Tax Credit - This credit is available to homeowners who own a historic property and make renovations to the property. It allows for a tax credit on the increased value of the property due to the renovations.
When are Real Estate Taxes Due in St. Mary's County?
Real estate taxes in St. Mary's County are due annually on July 1st. If you fail to pay your taxes by the due date, you may be subject to penalties and interest charges. It is important to make sure that you pay your taxes on time to avoid any additional fees.
How Can I Pay My Real Estate Taxes in St. Mary's County?
There are several ways to pay your real estate taxes in St. Mary's County. These include:
- Online - You can pay your taxes online through the county's website using a credit card or electronic check.
- By Mail - You can mail your payment to the county's Department of Finance.
- In Person - You can pay your taxes in person at the county's Department of Finance.
Conclusion
Real estate taxes are an important consideration for anyone looking to buy a home in St. Mary's County. By understanding how these taxes are calculated, what exemptions and credits are available, and when and how to pay your taxes, you can better plan for this significant expense. If you have any questions about real estate taxes in St. Mary's County, be sure to contact the county's Department of Finance for more information.