College Park, Maryland Property Taxes
The median property tax rate in College Park, MD is 1.31%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in College Park at $367,800, the typical annual property tax bill reaches $4,764, exceeding the national median of $2,690. Property taxes in College 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 College 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 College 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
College Park, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$4,818
$4,471
Ownwell’s College Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in College Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in College 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 College Park, Maryland
Property taxes in College Park, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in College Park is 1.31%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within College Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, College 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 College Park's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20740 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with College Park 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 College Park Tax Rate
1.31%
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 College Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20740 | 1.10% | 1.27% | 1.31% | 1.34% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across College Park, Maryland
In College 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 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 College 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 College Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in the 20740 zip code is $4,764, reflecting the area's property values and tax rates.
Average College Park Assessed Value
$367,800
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 College Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20740 | $192,160 | $299,200 | $367,800 | $437,100 | $511,420 |
Source: Ownwell
Property Tax Bills Across College Park, Maryland
Property tax bills in College Park, located in Prince George's County, MD, are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the assessed value is established, the tax rate, set by local government authorities, is applied. For homeowners in College Park, the property tax rate is a critical factor. With a median home price of $367,800, property tax bills can vary significantly. For instance, the 25th percentile tax bill is approximately $3,917, while the 75th percentile tax bill reaches around $5,688. At the 90th percentile, homeowners might pay up to $6,799 annually. These tax bills can be higher than the national median property tax rate of 0.99%, reflecting the local government's funding needs for public services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average College Park Tax Bill
$4,764
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 College Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20740 | $2,280 | $3,917 | $4,764 | $5,688 | $6,799 |
Source: Ownwell