Morningside, Maryland Property Taxes
The median property tax rate in Morningside, MD is 1.81%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Morningside at $245,800, the typical annual property tax bill reaches $4,433, exceeding the national median of $2,690. Property taxes in Morningside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morningside'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 Morningside 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
Morningside, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$4,449
Ownwell’s Morningside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morningside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morningside 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 Morningside, Maryland
Property taxes in Morningside, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morningside is 1.81%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Morningside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morningside 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 Morningside's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20746 zip code has the highest median property tax rate of 1.81%, while the same 20746 zip code also has the lowest median tax rate of 1.81%. Understanding how these rates compare with Morningside 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 Morningside Tax Rate
1.81%
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 Morningside, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20746 | 1.81% | 1.81% | 1.81% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Morningside, Maryland
In Morningside, 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 Assessment Office 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 Morningside, 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 Morningside 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 $4433 in the 20746 zip code, while the lowest median tax bill is also $4433 in the same zip code.
Average Morningside Assessed Value
$245,800
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 Morningside, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20746 | $215,480 | $227,600 | $245,800 | $270,050 | $300,280 |
Source: Ownwell
Property Tax Bills Across Morningside, Maryland
In Morningside, Prince George's County, MD, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and market conditions influence its assessed value. For instance, the median home price in Morningside is $245,800, which serves as a baseline for many assessments. Homeowners in Morningside face property tax bills that can vary significantly. The 25th percentile tax bill is $4,112, while the 75th percentile reaches $4,878, and the 90th percentile can go up to $5,429. These figures indicate a range of tax burdens, reflecting differences in property values and assessments. Compared to the national median property tax rate of 0.99%, Morningside's property tax rates are relatively high, impacting homeowners by increasing their annual housing costs. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Morningside Tax Bill
$4,433
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 Morningside, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20746 | $3,891 | $4,112 | $4,433 | $4,878 | $5,429 |
Source: Ownwell