Cheltenham, Maryland Property Taxes
The median property tax rate in Cheltenham, MD is 0.95%, slightly below the state median of 1.06% but still close to the national median of 0.99%. With a median home value of $444,800 in Cheltenham, the typical annual property tax bill reaches $4,209, significantly higher than the national median of $2,690. Property taxes in Cheltenham are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cheltenham'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 Cheltenham or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cheltenham, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$4,226
Ownwell’s Cheltenham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cheltenham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cheltenham 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 Cheltenham, Maryland
Property taxes in Cheltenham, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cheltenham is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Cheltenham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cheltenham 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 Cheltenham's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20623 has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Cheltenham provides valuable insights into the varying tax landscape across Prince George's County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cheltenham Tax Rate
0.95%
Average Prince George's County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cheltenham, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20623 | 0.91% | 0.92% | 0.95% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Cheltenham, Maryland
In Cheltenham, 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 Prince George'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 Cheltenham, 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 Cheltenham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4209, recorded in the 20623 zip code, while the lowest is also $4209 in the same zip code.
Average Cheltenham Assessed Value
$444,800
Average Prince George's County Assessed Value
$345,300
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cheltenham, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20623 | $311,080 | $363,300 | $444,800 | $513,100 | $610,640 |
Source: Ownwell
Property Tax Bills Across Cheltenham, Maryland
In Cheltenham, MD, located in Prince George's County, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county's property assessor and reflects the market value of the home. For Cheltenham, the median home price is $444,800, which serves as a basis for tax calculations. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood changes, and market trends. Homeowners in Cheltenham can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is around $3,502, while the 75th percentile reaches up to $4,869, and the 90th percentile can be as high as $5,772. These taxes fund essential local services such as schools, law enforcement, and infrastructure, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Cheltenham's property tax bills reflect the area's higher property values and corresponding tax obligations.
Average Cheltenham Tax Bill
$4,209
Average Prince George's County Tax Bill
$3,870
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Cheltenham, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20623 | $3,006 | $3,502 | $4,209 | $4,869 | $5,772 |
Source: Ownwell