Takoma Park, Montgomery County, Maryland Property Taxes
The median property tax rate in Takoma Park, MD is 1.53%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Takoma Park at $554,500, the typical annual property tax bill reaches $8,513, exceeding the national median of $2,690. Property taxes in Takoma Park 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 Takoma Park'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 Takoma Park 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
Takoma Park, Montgomery County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$8,484
$7,873
Ownwell’s Takoma Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Takoma Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Takoma Park 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 Takoma Park, Montgomery County, Maryland
Property taxes in Takoma Park, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Takoma Park is 1.53%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Takoma Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Takoma Park 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 Takoma Park's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the 20901 zip code has the highest median property tax rate of 1.61%, while the 20912 zip code has the lowest median tax rate of 1.53%. Understanding how these areas compare with Takoma Park provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Takoma Park Tax Rate
1.53%
Average Montgomery County Tax Rate
1.11%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Takoma Park, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20901 | 1.55% | 1.58% | 1.61% | 1.78% | 1.89% |
| 20912 | 1.15% | 1.39% | 1.53% | 1.61% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Takoma Park, Montgomery County, Maryland
In Takoma Park, 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 Montgomery 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 Takoma Park, 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 Takoma Park 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 $8,514 in the 20912 zip code, while the lowest is $8,198 in the 20901 zip code.
Property Tax Assessment Values Across Takoma Park, Montgomery County, Maryland
Source: Ownwell
$110,000
$614,100
$1,118,200
Average Takoma Park Assessed Value
$554,500
Average Montgomery County Assessed Value
$471,000
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Takoma Park, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20901 | $437,360 | $481,175 | $499,550 | $511,825 | $585,040 |
| 20912 | $240,000 | $437,725 | $554,700 | $715,625 | $886,510 |
Source: Ownwell
Property Tax Bills Across Takoma Park, Montgomery County, Maryland
In Takoma Park, Montgomery County, MD, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, and this helps to ensure that property taxes are fairly distributed based on the value of each property. Factors such as the overall market conditions, improvements made to the property, and local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Takoma Park experience a range of property tax bills. The 25th percentile tax bill is approximately $5,903, while the 75th percentile tax bill reaches around $10,799. Those in the 90th percentile may see tax bills as high as $13,387. The highest median tax bill in the area is $8,514 in the 20912 zip code, contrasting with the lowest median tax bill of $8,198 in the 20901 zip code. For comparison, these figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in Montgomery County.
Property Tax Bills Across Takoma Park, Montgomery County, Maryland
Source: Ownwell
$1,180
$6,981
$12,781
Average Takoma Park Tax Bill
$8,513
Average Montgomery County Tax Bill
$5,416
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Takoma Park, Montgomery County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20901 | $6,986 | $7,863 | $8,198 | $9,151 | $9,586 |
| 20912 | $3,437 | $5,882 | $8,514 | $10,807 | $13,389 |
Source: Ownwell