Example of Prince George's County Property Tax Calculation
In Prince George's County, property tax is calculated by multiplying the assessed value of the property by the tax rate. The assessed value is determined by the county's assessment office, which evaluates the property and assigns a value based on its market worth. The tax rate is set by the local government and is expressed in terms of dollars per $100 of assessed value.
For example, if a property in Prince George's County has an assessed value of $200,000 and the tax rate is $1.10 per $100 of assessed value, the property tax would be calculated as follows:
$200,000 / 100 = $2,000 (assessed value per $100) $2,000 x $1.10 = $22 (property tax per $100 of assessed value) $22 x 200 = $4,400 (total property tax for the year)
Therefore, the property owner would be responsible for paying $4,400 in property taxes for the year.
If you want appeal your property tax assessment - contact your local tax assessor.
Prince George's County Property Tax Rates
Here is a table listing the Prince George's County Property Tax rates in a formatted table:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $1.026 |
| Personal Property | $2.246 |
| State Property | $0.11 |
| Fire Tax District | $0.13 - $0.14 |
| Solid Waste | $0.27 |
These rates are subject to change depending on the assessed value of the property and any changes made by the local government. It is important to consult with a tax advisor or the local government for the most up-to-date information on property tax rates.
Who sets property tax rates in Prince George's County ?
In Prince George's County, property tax rates are set by the County Council. This is done annually during the budgeting process, typically in late spring or early summer. The council takes into account various factors such as property values, expenses, and revenue projections when determining the tax rate. Once the rate is set, it is applied to each property's assessed value and included in the annual property tax bill.
Homestead exemptions in Prince George's County ?
A comprehensive list of Homestead exemptions and deductions applicable in Prince George's County, Maryland is presented in the table below:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| County Homestead Tax Credit | Owner-occupied residential property | Up to 50% of assessed value | Must apply by September 1 |
| Maryland Homestead Tax Credit | Owner-occupied residential property | Up to 20% of assessed value | Must apply by December 31 |
| Senior Citizen Property Tax Credit | Homeowners aged 65 and above with income below $85,000 | Up to 50% of tax liability | Must apply by September 1 |
| Veterans Property Tax Credit | Veterans with a service-connected disability rating of at least 10% | Up to $5,000 | Must apply by September 1 |
| Disabled Person Property Tax Credit | Homeowners with a disability | Up to $1,500 | Must apply by September 1 |
| Homeowners' Property Tax Credit | Homeowners with income below $60,000 | Up to $1,000 | Must apply by September 1 |
| Circuit Breaker Tax Credit | Homeowners with income below $60,000 and property value under $300,000 | Up to $1,000 | Must apply by September 1 |
It is important to note that homeowners may only claim one of the tax credits listed above. Additionally, all applications for tax credits must be submitted by the respective deadlines in order to be eligible for the credit. If you are a Prince George's County homeowner who meets the eligibility criteria for any of these tax credits, be sure to submit your application before the deadline to take advantage of the potential tax savings.
When is Prince George's County Property Tax due ?
Prince George's County Property Tax Due Date and Payment Methods
Prince George's County property tax is typically due on September 30th of every year, but it is subject to change. Property owners can pay their taxes in multiple ways, including:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay their taxes online using a credit card or e-check through the county's website. |
| Property owners can mail a check or money order to the county's Department of Finance. | |
| In-person | Property owners can visit the Department of Finance in person to pay their taxes using cash, check, or money order. |
It is important to note that if the property owner fails to pay their taxes by the due date, they may face penalties and interest charges. Property owners can also apply for tax credits and exemptions if they meet certain criteria.
Overall, Prince George's County offers multiple payment options for property taxes to make the process easier for property owners.
If you have more questions - contact your local tax collector.
How is Prince George's County Property Tax penalty calculated ?
When a property owner in Prince George's County fails to pay their property taxes by the due date, they will be subject to a penalty. The penalty is calculated as a percentage of the unpaid balance and accrues monthly until the balance is paid in full.
Here's an example:
Let's say that John owns a property in Prince George's County and his property tax bill for the year is $5,000. He fails to pay the bill by the due date, and as a result, he is subject to a penalty.
The penalty is calculated as follows:
- 1% of the unpaid balance for the first month ($50)
- An additional 1% for each subsequent month that the balance remains unpaid
So, if John fails to pay his property tax bill for three months, the penalty would be calculated as follows:
- 1% for the first month ($50)
- 2% for the second month ($100)
- 3% for the third month ($150)
In this scenario, John's total penalty would be $300 ($50 + $100 + $150), bringing his total amount due to $5,300.
It's important to note that penalties for unpaid property taxes can add up quickly, so it's crucial to pay the bill on time to avoid unnecessary fees.
We recommend contacting the Prince George's County Tax Office or a local tax professional for the most up-to-date and accurate information.