University Park, Maryland Property Taxes
The median property tax rate in University Park, MD is 1.44%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in University Park at $558,450, the typical annual property tax bill reaches $8,058, far exceeding the national median of $2,690. Property taxes in University 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 University 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 University 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
University Park, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$8,042
$7,462
Ownwell’s University Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in University Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in University 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 University Park, Maryland
Property taxes in University 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 University Park is 1.44%, significantly higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within University Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, University 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 University Park's effective property tax rate to other counties in Maryland and the national median. For comparison, the 20782 zip code has the highest median property tax rate of 1.44%, while the same 20782 zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with University 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 University Park Tax Rate
1.44%
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 University Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20782 | 1.40% | 1.42% | 1.44% | 1.45% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across University Park, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in University Park, Maryland. 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 University 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. The median home price in University Park is $558,450, with tax bills ranging from $7,122 at the 25th percentile to $10,193 at the 90th percentile. The zip code 20782 has the highest and lowest median tax bill, both at $8,058. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across University Park, Maryland
Source: Ownwell
$223,000
$390,725
$558,450
Average University Park Assessed Value
$558,450
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 University Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20782 | $426,890 | $492,300 | $558,450 | $629,175 | $716,220 |
Source: Ownwell
Property Tax Bills Across University Park, Maryland
Property tax bills in University Park, Prince George's County, MD, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor, who evaluates the market value of the home. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in University Park, the median home price is $558,450. Property tax bills can vary significantly, with the 25th percentile tax bill at $7,122 and the 75th percentile at $9,014. At the 90th percentile, homeowners might pay up to $10,193. These figures can be compared to the national median property tax rate of 0.99%, highlighting that University Park’s property tax bills can be relatively high. Higher property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning. Understanding these factors is crucial for current and prospective homeowners in managing their financial responsibilities effectively.
Average University Park Tax Bill
$8,058
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 University Park, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20782 | $6,099 | $7,122 | $8,058 | $9,014 | $10,193 |
Source: Ownwell