Belmont, California Property Taxes
The median property tax rate in Belmont, CA is 1.30%, considerably higher than both the national median of 0.99% and the California state median of 1.21%. With the median home value in Belmont at $885,832, the typical annual property tax bill reaches $11,519, far exceeding the national median of $2,690. Property taxes in Belmont are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Belmont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Belmont or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belmont, California Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,420
$1,272
$1,148
Average Belmont, California Tax Savings
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Belmont. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Belmont, California
Property taxes in Belmont, California, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Belmont's effective property tax rate to other counties in California and the national median. For comparison, the 94002 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Belmont provides valuable insights into the varying tax landscape across San Mateo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
1.30%
Average San Mateo County Tax Rate
1.26%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 94002 | 1.18% | 1.22% | 1.30% | 1.50% | 2.06% |
Source: Ownwell
$1,148
Average Belmont Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Belmont, California
In Belmont, California, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the San Mateo County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Belmont, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 94002 has both the highest and lowest median tax bill at $11,519.
Property Tax Assessment Values Across Belmont, California
Source: Ownwell
$310,349
$1,947,376
$3,584,402
Average Belmont Assessed Value
$885,832
Average San Mateo County Assessed Value
$685,382
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmont, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 94002 | $168,010 | $441,896 | $885,832 | $1,409,034 | $1,929,962 |
Source: Ownwell
$1,148
Average Belmont Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Belmont, California
Property tax bills in Belmont, San Mateo County, CA, are calculated based on the assessed value of the property, which is often lower than the market value. The property tax rate in this region is influenced by local levies and voter-approved measures. Homeowners in Belmont face significant property tax bills, with the 25th percentile at $6,515 and the 75th percentile reaching $17,279. The highest median tax bill in the area is $11,519, found in the 94002 zip code. Factors such as property improvements, neighborhood developments, and market trends can affect the assessed value, thereby influencing the tax bill. High property taxes can place a considerable financial burden on homeowners, making it crucial to seek ways to reduce these costs. Ownwell offers expert property tax appeal and exemption services. By analyzing your property’s assessed value and identifying any discrepancies or overvaluations, Ownwell can help homeowners in Belmont potentially lower their property tax bills, ensuring they only pay their fair share.
Average Belmont Tax Bill
$11,519
Average San Mateo County Tax Bill
$8,692
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 94002 | $3,599 | $6,515 | $11,519 | $17,279 | $22,863 |
Source: Ownwell
$1,148
Average Belmont Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | December 2 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
Links | |
|---|---|
| San Mateo Tax Assessor | |
| Website | county-taxes.net |
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