Bowie, Maryland Property Taxes
The median property tax rate in Bowie, MD is 1.14%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Bowie at $416,800, the typical annual property tax bill reaches $4,908, exceeding the national median of $2,690. Property taxes in Bowie 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 Bowie'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 Bowie 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
Bowie, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$4,752
$4,409
Ownwell’s Bowie Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bowie with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bowie to provide an accurate property tax bill estimate. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available by scrolling down. Your property’s assessed value is determined by the county for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Bowie, Maryland
Property taxes in Bowie, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowie is 1.14%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Bowie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowie 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 Bowie's effective property tax rate to other areas in Prince George's County and the national median. For comparison, the 20715 zip code has the highest median property tax rate of 1.24%, while the 20720 zip code has the lowest median tax rate of 1.03%. Understanding how these cities compare with Bowie 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 Bowie Tax Rate
1.14%
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 Bowie, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20715 | 1.15% | 1.20% | 1.24% | 1.26% | 1.27% |
| 20716 | 1.10% | 1.15% | 1.18% | 1.21% | 1.24% |
| 20720 | 0.93% | 0.97% | 1.03% | 1.14% | 1.23% |
| 20721 | 0.95% | 1.11% | 1.11% | 1.11% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Bowie, Maryland
In Bowie, 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 Bowie, 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 Bowie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bowie is $5,167 in the 20720 zip code, while the lowest is $4,507 in the 20716 zip code.
Average Bowie Assessed Value
$416,800
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 Bowie, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20715 | $340,100 | $368,700 | $401,900 | $451,300 | $546,800 |
| 20716 | $263,000 | $309,500 | $377,700 | $445,400 | $571,240 |
| 20720 | $251,700 | $368,200 | $485,800 | $599,500 | $712,700 |
| 20721 | $283,070 | $350,225 | $450,100 | $568,300 | $760,330 |
Source: Ownwell
Property Tax Bills Across Bowie, Maryland
In Bowie, located in Prince George's County, MD, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Bowie is $416,800, which serves as a benchmark for calculating the tax bill. Homeowners in Bowie experience a range of property tax bills. At the 25th percentile, the tax bill is around $4,171, while at the 75th percentile, it rises to approximately $5,923. The 90th percentile sees tax bills as high as $7,108. The highest median tax bill in Bowie is $5,167 in the 20720 zip code, whereas the lowest median tax bill is $4,507 in the 20716 zip code. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for Bowie residents. Understanding how these taxes are calculated helps homeowners plan their finances more effectively.
Average Bowie Tax Bill
$4,908
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 Bowie, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20715 | $4,154 | $4,601 | $4,962 | $5,475 | $6,312 |
| 20716 | $3,239 | $3,715 | $4,507 | $5,298 | $6,726 |
| 20720 | $3,243 | $4,096 | $5,167 | $6,402 | $7,251 |
| 20721 | $3,322 | $3,936 | $4,941 | $6,352 | $8,002 |
Source: Ownwell