Cost of Living in Takoma Park
Takoma Park's cost of living pairs genuinely expensive housing relative to Maryland's own statewide average against a property tax rate that also runs above both the national and Maryland averages.
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Learn moreA real premium over Maryland's statewide housing average
Zillow's own typical home value ran $672,024 (down 1.4% YoY), while Redfin's own average house price ran a higher $810,000 (up 15.6% YoY) -- both well above Maryland's own statewide $434,033 Zillow average and $463,449 Redfin median.
A property tax rate above national and state averages
Takoma Park's own median effective property tax rate ran 1.72% per Ownwell this pass -- above the 1.02% national median and Maryland's own 0.95%-1.04% statewide average.
A median household income above the national median
Takoma Park's median household income ($108,136) runs genuinely above the national median, consistent with its position within the affluent Montgomery County DC-suburb corridor -- even as a real, disclosed 9.09% poverty rate coexists alongside that overall affluence.
Montgomery County's maximum income tax piggyback rate applies
Maryland's real 10-bracket state income tax (2%-6.5%) applies statewide, and Montgomery County levies the maximum permitted 3.2% local piggyback rate -- a real combined top marginal rate of approximately 8.95%.
Key takeaways
- Home values ($672,024-$810,000) run well above Maryland's own statewide average.
- Effective property tax rate (1.72%) runs above both national and Maryland statewide averages.
- Median household income ($108,136) runs above the national median, alongside a real 9.09% poverty rate.
- Montgomery County levies Maryland's maximum 3.2% local piggyback income tax rate.
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