20740 Property Tax Rate

Property owners in ZIP code 20740 (College Park, Maryland) pay a median of $4,916/year in property taxes on homes valued at $417,100. This translates to an effective tax rate of 1.18%, which is 22% above the Maryland state average of 0.96%.

The monthly property tax burden for a median-valued home in 20740 is approximately $410, which factors into escrow payments on mortgages. This ZIP code is located within Prince George's County. This is $942 more than the Maryland average of $3,974/year.

Compared to similar ZIP codes in Maryland, 20740 has lower property taxes. ZIP codes with similar effective rates include 21701 (1.18%) and 21702 (1.18%).

In College Park, property taxes represent approximately 6.0% of the median household income of $81,359, providing context for the relative tax burden on homeowners in this area.

Maryland's Homestead Tax Credit caps annual assessment increases at 10% for your primary residence, though your initial purchase-year assessment is unrestricted — file for the credit with Prince George's County's tax office. The credit applies automatically to qualifying primary residences but requires proper registration; contact the Prince George's County Assessor to ensure your homestead classification is recorded within 45 days of purchase. Request a copy of your Notice of Assessment and confirm your assessment ratio is correct (owner-occupied property should be assessed on market value).