Prince George's County Maryland Real Estate Taxes
Introduction
Prince George's County is located in the state of Maryland, United States. It is situated just east of Washington, D.C., and has a population of over 900,000 people. The county is known for its diverse communities, beautiful parks, and vibrant culture. If you are thinking of buying a home in Prince George's County, it is important to understand the real estate taxes that you will be required to pay.
What Are Real Estate Taxes?
Real estate taxes are taxes that are levied on property that you own. In Prince George's County, real estate taxes are based on the assessed value of your property. This assessed value is determined by the county government and is based on the fair market value of your property.
How Are Real Estate Taxes Calculated?
The amount of real estate taxes that you will be required to pay in Prince George's County is calculated by multiplying the assessed value of your property by the county's tax rate. The tax rate in Prince George's County is currently set at $1.35 per $100 of assessed value. For example, if your property has an assessed value of $300,000, your annual real estate tax bill would be $4,050.
When Are Real Estate Taxes Due?
Real estate taxes in Prince George's County are due twice a year. The first installment is due on September 30th, and the second installment is due on March 31st of the following year.
Are There Any Exemptions or Discounts Available?
There are some exemptions and discounts available for real estate taxes in Prince George's County. For example, if you are over the age of 65, you may be eligible for a senior citizen tax credit. Additionally, if you are a veteran or active duty military member, you may be eligible for a property tax credit. It is important to check with the county government to see if you are eligible for any of these exemptions or discounts.
Conclusion
Real estate taxes are an important consideration when buying a home in Prince George's County. By understanding how these taxes are calculated and when they are due, you can budget accordingly and avoid any surprises. Additionally, by exploring the exemptions and discounts that are available, you may be able to save money on your real estate tax bill.