Takoma Park, Prince George's County, Maryland Property Taxes
The median property tax rate in Takoma Park, MD is 1.08%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Takoma Park at $359,900, the typical annual property tax bill reaches $3,886, exceeding the national median of $2,690. Property taxes in Takoma 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 Takoma 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 Takoma 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
Takoma Park, Prince George's County, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$3,887
$3,607
Ownwell’s Takoma Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Takoma Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Takoma 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 Takoma Park, Prince George's County, Maryland
Property taxes in Takoma Park, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Takoma Park is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Takoma Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Takoma 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 Takoma Park's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20912 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Takoma 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.
Property Tax Rates Across Takoma Park, Prince George's County, Maryland
Source: Ownwell
0.95%
1.38%
1.81%
Average Takoma Park Tax Rate
1.08%
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 Takoma Park, Prince George's County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20912 | 1.04% | 1.05% | 1.08% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Takoma Park, Prince George's County, Maryland
In Takoma 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 Takoma 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. Notably, the median home price in Takoma Park is $359,900, with median tax bills ranging from $3,521 at the 25th percentile to $4,526 at the 90th percentile. The highest and lowest median tax bills in the area are both $3,886, found in zip code 20912. 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 Takoma Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Takoma Park, Prince George's County, Maryland
Source: Ownwell
$223,000
$390,725
$558,450
Average Takoma Park Assessed Value
$359,900
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 Takoma Park, Prince George's County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20912 | $296,480 | $325,800 | $359,900 | $398,100 | $431,360 |
Source: Ownwell
Property Tax Bills Across Takoma Park, Prince George's County, Maryland
In Takoma Park, Prince George's County, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Takoma Park, the median home price is $359,900, resulting in a median tax bill of approximately $3,886, which is higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value and the specific tax rate set by local authorities. Homeowners in the 25th percentile pay around $3,521, while those in the 75th percentile face bills closer to $4,219. For those at the 90th percentile, tax bills can reach up to $4,526. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life and property values in the community.
Property Tax Bills Across Takoma Park, Prince George's County, Maryland
Source: Ownwell
$2,662
$5,360
$8,058
Average Takoma Park Tax Bill
$3,886
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 Takoma Park, Prince George's County, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20912 | $3,223 | $3,521 | $3,886 | $4,219 | $4,526 |
Source: Ownwell