Aquasco, Maryland Property Taxes
The median property tax rate in Aquasco, MD is 0.95%, slightly lower than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Aquasco at $317,550, the typical annual property tax bill reaches $3,127, exceeding the national median of $2,690. Property taxes in Aquasco 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 Aquasco'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 Aquasco 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
Aquasco, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,017
$2,799
Ownwell’s Aquasco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aquasco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aquasco 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 Aquasco, Maryland
Property taxes in Aquasco, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aquasco is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Aquasco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aquasco 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 Aquasco's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20608 zip code has both the highest and lowest median property tax rate of 0.95%, highlighting a uniformity in tax rates within this region. Understanding how these cities compare with Aquasco 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 Aquasco Tax Rate
0.95%
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 Aquasco, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20608 | 0.87% | 0.92% | 0.95% | 1.00% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Aquasco, Maryland
In Aquasco, 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 Aquasco, 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 median home price in Aquasco is $317,550, with tax bills ranging from $2,428 at the 25th percentile to $7,514 at the 90th percentile. The zip code 20608 has both the highest and lowest median tax bill at $3,127. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Aquasco Assessed Value
$317,550
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 Aquasco, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20608 | $141,900 | $225,775 | $317,550 | $494,100 | $794,150 |
Source: Ownwell
Property Tax Bills Across Aquasco, Maryland
In Aquasco, located in Prince George's County, MD, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the property's market value, which is periodically evaluated to reflect current market conditions. For homeowners in Aquasco, the median home price stands at $317,550. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. In Aquasco, property tax bills can vary significantly, with the 25th percentile at $2,428 and the 75th percentile at $4,651. For those in the 90th percentile, tax bills can reach up to $7,514. Homeowners in Aquasco face a median tax bill of $3,127, which is notably higher than the national median property tax rate of 0.99%. This higher tax burden can impact household budgets, making it essential for homeowners to understand their property assessments and explore potential exemptions or appeals to manage their expenses effectively.
Average Aquasco Tax Bill
$3,127
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 Aquasco, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20608 | $1,702 | $2,428 | $3,127 | $4,651 | $7,514 |
Source: Ownwell