Fairmount Heights, Maryland Property Taxes
The median property tax rate in Fairmount Heights, MD is 1.47%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Fairmount Heights at $269,650, the typical annual property tax bill reaches $3,906, exceeding the national median of $2,690. Property taxes in Fairmount Heights 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 Fairmount Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fairmount Heights 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
Fairmount Heights, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$3,964
$3,678
Ownwell’s Fairmount Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount Heights 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 Fairmount Heights, Maryland
Property taxes in Fairmount Heights, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmount Heights is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairmount Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount Heights 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 Fairmount Heights' effective property tax rate to other areas in Prince George's County and the national median. For comparison, the zip code 20743 has both the highest and the lowest median property tax rate of 1.47%. Understanding how these areas compare with Fairmount Heights 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 Fairmount Heights Tax Rate
1.47%
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 Fairmount Heights, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20743 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Fairmount Heights, Maryland
In Fairmount Heights, 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 Fairmount Heights, 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 Fairmount Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 20743, with a value of $3,906.
Property Tax Assessment Values Across Fairmount Heights, Maryland
Source: Ownwell
$223,000
$390,725
$558,450
Average Fairmount Heights Assessed Value
$269,650
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 Fairmount Heights, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20743 | $183,320 | $219,550 | $269,650 | $309,000 | $382,220 |
Source: Ownwell
Property Tax Bills Across Fairmount Heights, Maryland
In Fairmount Heights, located in Prince George's County, Maryland, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Fairmount Heights, the median home price stands at $269,650. The tax bill for the 25th percentile is $3,121, while the 75th percentile sees a tax bill of $4,517. At the 90th percentile, homeowners can expect to pay around $5,434. The highest and lowest median tax bills in the area both amount to $3,906, highlighting a relatively consistent tax landscape within the zip code 20743. Compared to the national median property tax rate of 0.99%, homeowners in Fairmount Heights may find their tax bills significantly impacted by the local rates and property values, influencing their overall cost of homeownership.
Average Fairmount Heights Tax Bill
$3,906
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 Fairmount Heights, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20743 | $2,612 | $3,121 | $3,906 | $4,517 | $5,434 |
Source: Ownwell