Somerset County Property Taxes
The median property tax rate in Somerset County is 1.08%, which is slightly higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Somerset County, the typical annual property tax bill is approximately $1,158, which is notably lower than the national median of $2,690. Property taxes in Somerset County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Somerset County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Princess Anne or another part of Somerset County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Somerset County Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,120
Ownwell’s Somerset County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Somerset County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Somerset County to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Somerset County, Maryland
Property taxes in Somerset County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Somerset County is 1.08%, which is higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Somerset County set these rates annually, and they can vary significantly between different areas within the county. Each year, Somerset County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Deal Island has one of the higher property tax rates in Maryland at 1.11%, while the city of Ewell boasts one of the lowest at 0.85%. Analyzing how Somerset County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset County, Maryland
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Crisfield | 0.79% | 0.83% | 0.86% | 0.90% | 0.92% |
| Deal Island | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
| Eden | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
| Ewell | 0.79% | 0.82% | 0.85% | 0.89% | 0.93% |
| Marion Station | 0.81% | 0.87% | 1.03% | 1.06% | 1.08% |
| Pocomoke City | 1.04% | 1.06% | 1.08% | 1.09% | 1.10% |
| Princess Anne | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
| Tylerton | 0.81% | 0.83% | 0.85% | 0.89% | 0.94% |
| Upper Fairmount | 1.05% | 1.06% | 1.09% | 1.11% | 1.11% |
| Westover | 1.03% | 1.04% | 1.06% | 1.08% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Somerset County, Maryland
In Somerset County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Somerset County Appraisal District. The assessed value, however, 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. Assessment notices in Somerset County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Somerset County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Among the cities in Somerset County, Pocomoke City has the highest median tax bill at $1,477, while Upper Fairmount has the lowest at $564.
Property Tax Assessment Values Across Somerset County, Maryland
Source: Ownwell
$50,050
$95,175
$140,300
Average Somerset County Assessed Value
$114,600
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset County, Maryland
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Crisfield | $54,900 | $80,800 | $122,750 | $207,200 | $286,120 |
| Deal Island | $32,400 | $54,950 | $102,650 | $208,600 | $317,450 |
| Eden | $44,110 | $70,200 | $93,250 | $149,950 | $215,490 |
| Ewell | $44,400 | $60,900 | $84,600 | $109,950 | $136,400 |
| Marion Station | $47,200 | $75,950 | $129,400 | $208,100 | $319,900 |
| Pocomoke City | $57,400 | $98,150 | $140,300 | $207,900 | $343,100 |
| Princess Anne | $44,510 | $69,675 | $109,900 | $160,125 | $240,630 |
| Tylerton | $57,040 | $69,250 | $87,100 | $106,300 | $140,760 |
| Upper Fairmount | $38,100 | $44,175 | $50,050 | $77,175 | $112,690 |
| Westover | $44,480 | $69,400 | $115,000 | $187,800 | $296,800 |
Source: Ownwell
Property Tax Bills Across Somerset County, Maryland
In Somerset County, MD, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the local tax assessor and reflects the estimated value of the property for tax purposes. Various factors are considered in this assessment, including the property's size, location, and condition. Homeowners in Somerset County can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $724, while at the 75th percentile, it rises to approximately $1,830. For those at the 90th percentile, the tax bill can reach up to $2,785. Comparatively, the national median property tax rate is 0.99%, and Somerset County's tax bills reflect a range of economic diversity. For instance, Pocomoke City has the highest median tax bill at $1,477, whereas Upper Fairmount has the lowest at $564. These variations impact homeowners differently, influencing their financial planning and long-term investment in their properties.
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset County, Maryland
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Crisfield | $480 | $695 | $1,057 | $1,748 | $2,511 |
| Deal Island | $365 | $613 | $1,156 | $2,327 | $3,556 |
| Eden | $490 | $774 | $1,037 | $1,665 | $2,390 |
| Ewell | $382 | $504 | $711 | $962 | $1,232 |
| Marion Station | $475 | $744 | $1,243 | $1,999 | $3,087 |
| Pocomoke City | $635 | $1,052 | $1,477 | $2,205 | $3,551 |
| Princess Anne | $500 | $775 | $1,218 | $1,774 | $2,675 |
| Tylerton | $468 | $569 | $761 | $966 | $1,311 |
| Upper Fairmount | $418 | $471 | $564 | $908 | $1,190 |
| Westover | $484 | $748 | $1,213 | $1,991 | $3,161 |
Source: Ownwell