Lanham, Maryland Property Taxes
The median property tax rate in Lanham, MD is 1.11%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Lanham at $347,300, the typical annual property tax bill reaches $3,782, exceeding the national median of $2,690. Property taxes in Lanham 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 Lanham'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 Lanham or another part of Prince George's County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lanham, Maryland Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Lanham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lanham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lanham 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 Lanham, Maryland
Property taxes in Lanham, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanham is 1.11%, higher than the U.S. national median of 0.99%. Local government entities within Lanham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanham 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 Lanham's effective property tax rate to other areas in Prince George's County and the national median. For comparison, the 20706 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Lanham 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 Lanham 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 Lanham, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20706 | 0.96% | 1.03% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Lanham, Maryland
In Lanham, 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 Lanham, 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 Lanham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Lanham is 20706, both standing at $3,782.
Average Lanham Assessed Value
$347,300
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 Lanham, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20706 | $265,100 | $301,900 | $347,300 | $407,100 | $488,430 |
Source: Ownwell
Property Tax Bills Across Lanham, Maryland
In Lanham, located in Prince George's County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's property assessor and is intended to reflect the market value of the property. Homeowners in Lanham can expect a median home price of $347,300. The tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. In Lanham, the 25th percentile of tax bills is approximately $3,300, while the 75th percentile reaches around $4,344, and the 90th percentile can go as high as $5,240. This variation highlights how different property characteristics can significantly impact the tax amount. For homeowners, understanding these factors is crucial as property taxes can represent a substantial annual expense. Comparing these figures to the national median property tax rate of 0.99% provides a clearer perspective on how local taxes align with broader trends.
Average Lanham Tax Bill
$3,782
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 Lanham, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20706 | $2,989 | $3,300 | $3,782 | $4,344 | $5,240 |
Source: Ownwell