Mount Rainier, Maryland Property Taxes
The median property tax rate in Mount Rainier, MD is 1.69%, significantly higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $404,500 in Mount Rainier, the typical annual property tax bill reaches $6,691, far exceeding the national median of $2,690. Property taxes in Mount Rainier are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Rainier'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 Mount Rainier 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
Mount Rainier, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$6,836
Ownwell’s Mount Rainier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Rainier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Rainier 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 Mount Rainier, Maryland
Property taxes in Mount Rainier, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Rainier is 1.69%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Mount Rainier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Rainier 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 Mount Rainier's effective property tax rate to other areas in Maryland and the national median. For comparison, the 20712 zip code has the highest median property tax rate of 1.69%, while the same zip code also represents the lowest median tax rate of 1.69%. Understanding how these figures compare with Mount Rainier 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 Mount Rainier Tax Rate
1.69%
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 Mount Rainier, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20712 | 1.52% | 1.67% | 1.69% | 1.70% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Mount Rainier, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Rainier, Maryland. 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 Mount Rainier, 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. For instance, the zip code 20712 has the highest and lowest median tax bill, both at $6,691. 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 Mount Rainier helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Rainier, Maryland
Source: Ownwell
$223,000
$390,725
$558,450
Average Mount Rainier Assessed Value
$404,500
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 Mount Rainier, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20712 | $308,960 | $362,300 | $404,500 | $454,300 | $535,740 |
Source: Ownwell
Property Tax Bills Across Mount Rainier, Maryland
In Mount Rainier, located in Prince George's County, MD, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local government assessors and reflects the estimated market value of the property. Homeowners in Mount Rainier experience property tax bills that vary significantly, with the 25th percentile tax bill at $5,698 and the 75th percentile tax bill at $7,519. The 90th percentile tax bill can reach up to $8,764, indicating a substantial range depending on property values and local tax rates. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. These tax bills can significantly impact homeowners, affecting their annual budgets and overall financial planning. With a median home price of $404,500, the property tax rate in Mount Rainier is higher than the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances effectively.
Average Mount Rainier Tax Bill
$6,691
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 Mount Rainier, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20712 | $4,708 | $5,698 | $6,691 | $7,519 | $8,764 |
Source: Ownwell