Takoma Park Real Property Tax
Every three years, the Maryland Department of Assessments and Taxation releases real property tax assessments for property in Takoma Park. The new assessments were released on January 1, 2022, and take effect on July 1, 2022.
Maryland law gives municipalities the authority to define specific categories for property tax rates. The City of Takoma Park has established five tax classifications for real property: Railroads and Utilities, Commercial, Apartments, Vacant, and all other real property. The real property tax rate is assessed to all real property that is not owned by railroads or public utilities. Properties in these categories are currently all taxed at the same rate based on the assessed value of the individual property. Most of the land in the city is residential, generally single-family homes.
Property taxes are determined by two factors: (1) the total assessment value of the property (land and improvements) and (2) the property tax rate that is established by each taxing jurisdiction. In Takoma Park, taxing jurisdictions include the State of Maryland, Montgomery County, and the City.
Assessments are based on the fair market value of the property and are issued by the Maryland Department of Assessments and Taxation, an agency of the Maryland state government. Properties are reassessed once every three years and property owners are notified of any change in the assessed value of their property in late December.
Property tax rates are set by each taxing jurisdiction and may vary widely. No restrictions or limitations on property taxes are imposed by the State of Maryland, which gives jurisdictions such as Takoma Park and Montgomery County the discretion to set tax rates at the level they require to fund governmental services. Property tax rates are expressed as a dollar amount per $100 of assessment.
How is my property tax bill calculated?
Individual property tax bills are calculated using the following formula:
ASSESSMENT VALUE divided by 100 and multiplied by the PROPERTY TAX RATE
FOR EXAMPLE: For a property in Takoma Park with a fair market value of $100,000, the property taxes would be calculated by dividing the assessment by 100 and multiplying the product by the property tax rate established by each jurisdiction.
The Maryland Department of Assessments and Taxation releases the real property tax assessments on January 1, 2022, effective July 1, 2022. The maps below show the assessed value on real properties. These assessed values do not reflect phased-in assessments, tax credits, or tax-exempt status which may be applied to the tax due on a property.
An interactive map displaying this data is located here (now updated with condo-values)
Please select a property on the map for the details to show. The code used to produce the map can be found here.
How do I appeal my assessment?
According to the Maryland Department of Assessments and Taxation webpage:
“Owners may appeal the total new market value within 45 days from the date on the notice. The decision to appeal should be based upon whether the Total Market Value (the value of the land and building together as a whole) reflects the market value of the property. For your convenience, your appeal may be submitted in writing, discussed in a telephone hearing, or in a personal hearing with an assessor.”
- Resolution 2019-03, Adding New Real Property Tax Classifications https://documents.takomaparkmd.gov/government/city-council/resolutions/2019/resolution-2019-03.pdf