Riverdale, Maryland Property Taxes
The median property tax rate in Riverdale, MD, is 1.11%, which is notably higher than both the national median of 0.99% and Maryland's state median of 1.06%. With a median home value of $311,500 in Riverdale, the typical annual property tax bill amounts to $3,567, surpassing the national median of $2,690. Property taxes in Riverdale are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Riverdale'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 Riverdale 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
Riverdale, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$3,458
Ownwell’s Riverdale Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Riverdale with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Riverdale to estimate your property tax bill. This valuable 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 Prince George's County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Riverdale, Maryland
Property taxes in Riverdale, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverdale is 1.11%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Riverdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverdale 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 Riverdale's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20737 zip code has the highest median property tax rate of 1.11%, while the 20737 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Riverdale 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 Riverdale Tax Rate
1.11%
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 Riverdale, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20737 | 1.06% | 1.08% | 1.11% | 1.56% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Riverdale, Maryland
In Riverdale, 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 Riverdale, 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. The zip code 20737 in Riverdale has the highest and lowest median tax bill at $3,567. Being aware of these valuation processes in Riverdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverdale Assessed Value
$311,500
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 Riverdale, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20737 | $244,860 | $268,350 | $311,500 | $370,850 | $467,520 |
Source: Ownwell
Property Tax Bills Across Riverdale, Maryland
In Riverdale, located in Prince George's County, MD, property tax bills are calculated based on the assessed value of a home. The assessment is an estimate of the property's market value determined by the county assessor. Homeowners in Riverdale face a median property tax rate that is influenced by local government budgets and the services they fund. For a home with a median price of $311,500, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $2,999, while at the 75th percentile, it rises to $5,189. The tax bill at the 90th percentile can reach up to $6,703. The highest and lowest median tax bills in the area are both recorded at $3,567 in the 20737 zip code. These tax bills impact homeowners by contributing to the overall cost of property ownership. Compared to the national median property tax rate of 0.99%, Riverdale's rates reflect the local economic conditions and public service needs, influencing the financial planning and budgeting of residents.
Average Riverdale Tax Bill
$3,567
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 Riverdale, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20737 | $2,683 | $2,999 | $3,567 | $5,189 | $6,703 |
Source: Ownwell