Westover, Maryland Property Taxes
The median property tax rate in Westover, MD is 1.06%, aligning with the Maryland state median but still higher than the national median of 0.99%. With the median home value in Westover at $115,000, the typical annual property tax bill reaches $1,213, which is below the national median of $2,690. Property taxes in Westover are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Westover'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 Westover or another part of Somerset County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Westover, Maryland 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 Westover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westover to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Westover, Maryland
Property taxes in Westover, Maryland, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westover is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Westover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westover 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 Westover's effective property tax rate to other areas in Somerset County and the national median. For comparison, the zip code 21871 has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Westover provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westover Tax Rate
1.06%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westover, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21871 | 1.03% | 1.04% | 1.06% | 1.08% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Westover, Maryland
In Westover, Maryland, 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 Somerset County Appraisal District 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Westover, the zip code 21871 has the highest and lowest median tax bill at $1,213.
Average Westover Assessed Value
$115,000
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 Westover, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21871 | $44,480 | $69,400 | $115,000 | $187,800 | $296,800 |
Source: Ownwell
Property Tax Bills Across Westover, Maryland
In Westover, Somerset County, MD, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Westover is $115,000. Homeowners can expect their tax bills to vary significantly based on the value of their property. For instance, those in the 25th percentile might see tax bills around $748, while those in the 75th percentile could face bills up to $1,991. At the 90th percentile, tax bills can reach as high as $3,161. These variations are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Westover must budget for these taxes as they can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Westover's rates reflect the local economic conditions and government funding needs. This makes understanding property tax calculations crucial for homeowners to manage their finances effectively.
Average Westover Tax Bill
$1,213
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Westover, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21871 | $484 | $748 | $1,213 | $1,991 | $3,161 |
Source: Ownwell