Hyattsville, Prince George's County, Maryland Property Taxes

Local government entities set tax rates, which can vary widely within a state. This is because each year, counties estimate their required budget to provide services and divide that by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.

In Hyattsville, located in Prince George's County, the property tax landscape reflects these dynamics. The effective property tax rate here is a critical factor for homeowners, as it directly influences their tax bills. Comparing Hyattsville's rate to other cities in Maryland and the median property tax rates in the state and the U.S. is essential for understanding the local tax climate. Maryland's median property tax rate is slightly above the national average, indicating a more substantial tax burden for residents. However, within the state, there is a range of rates, with some areas experiencing higher or lower rates than others. This variation underscores the importance of understanding local tax policies and how they impact property owners in Hyattsville.

In Hyattsville, located in Prince George's County, Maryland, property tax bills are determined by applying the local tax rate to the assessed value of a property. The median home price in this area is $296,400, influencing the property tax calculation significantly. The property tax bill typically ranges from the 25th percentile at $2,645 to the 90th percentile at $5,977, with the highest median tax bill reaching $5,164 in zip code 20781. These figures are notably higher than the national median property tax bill of $2,400 and the national median property tax rate of 1.02%.

Factors such as property location, market value, and local government budgets play crucial roles in determining the final tax bill. High property taxes can place a considerable financial burden on homeowners, making it essential to explore ways to reduce these costs. This is where Ownwell can assist by offering expert property tax appeal and exemption services. By leveraging local market insights and tax code knowledge, Ownwell helps homeowners potentially lower their tax liabilities, providing much-needed financial relief.