Laurel, Maryland Property Taxes
The median property tax rate in Laurel, MD is 1.21%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Laurel at $373,000, the typical annual property tax bill reaches $4,353, exceeding the national median of $2,690. Property taxes in Laurel are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laurel'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 Laurel 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
Laurel, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$4,513
Ownwell’s Laurel Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Laurel to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities, making financial planning easier. For those interested in neighborhood-specific trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Laurel, Maryland
Property taxes in Laurel, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 1.21%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other areas in Prince George's County and the national median. For comparison, the 20707 zip code has the highest median property tax rate of 1.40%, while the 20708 zip code has the lowest median tax rate of 0.97%. Understanding how these areas compare with Laurel 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 Laurel Tax Rate
1.21%
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20707 | 0.97% | 1.04% | 1.40% | 1.45% | 1.52% |
| 20708 | 0.93% | 0.95% | 0.97% | 1.03% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Maryland
In Laurel, 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 authority 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 Laurel, 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. For instance, the highest median tax bill in Laurel is $4,474 in the 20707 zip code, while the lowest median tax bill is $4,198 in the 20708 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laurel Assessed Value
$373,000
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20707 | $185,400 | $270,100 | $352,300 | $450,300 | $576,580 |
| 20708 | $192,920 | $285,000 | $429,100 | $492,000 | $552,470 |
Source: Ownwell
Property Tax Bills Across Laurel, Maryland
In Laurel, located in Prince George's County, MD, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Once the home's value is assessed, the tax rate is applied to calculate the annual tax bill. The median home price in Laurel is $373,000, which provides a benchmark for understanding local property tax obligations. Several factors influence the property tax bill, including the property's location within specific zip codes. For instance, the highest median tax bill in Laurel is $4,474 in the 20707 zip code, while the lowest is $4,198 in the 20708 zip code. Homeowners in Laurel can expect to pay between $3,510 at the 25th percentile and $7,186 at the 90th percentile. These figures highlight the variability in property tax bills, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Laurel's property tax rates reflect local economic conditions and funding needs for public services.
Average Laurel Tax Bill
$4,353
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 Laurel, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20707 | $2,722 | $3,520 | $4,474 | $5,480 | $7,649 |
| 20708 | $2,253 | $3,474 | $4,198 | $4,899 | $6,099 |
Source: Ownwell