Upper Fairmount, Maryland Property Taxes
The median property tax rate in Upper Fairmount, MD is 1.09%, slightly above both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Upper Fairmount at $50,050, the typical annual property tax bill amounts to $564, which is substantially lower than the national median of $2,690. Property taxes in Upper Fairmount are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Upper Fairmount’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 Upper Fairmount 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
Upper Fairmount, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$546
Ownwell’s UPPER FAIRMOUNT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UPPER FAIRMOUNT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UPPER FAIRMOUNT 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 Upper Fairmount, Maryland
Property taxes in Upper Fairmount, Maryland, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Upper Fairmount is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Upper Fairmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Upper Fairmount 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 Upper Fairmount's effective property tax rate to other counties in Maryland and the national median. For comparison, the zip code 21867 has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Upper Fairmount 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 Upper Fairmount Tax Rate
1.09%
Average Somerset County Tax Rate
1.08%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Upper Fairmount, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21867 | 1.05% | 1.06% | 1.09% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Upper Fairmount, Maryland
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Upper Fairmount, Maryland. 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. In Upper Fairmount, 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. The median home price in Upper Fairmount is $50,050, and property tax bills can vary significantly. For instance, tax bills range from $471 at the 25th percentile to $1,190 at the 90th percentile, with the highest and lowest median tax bills both recorded at $564 in the 21867 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Upper Fairmount, Maryland
Source: Ownwell
$50,050
$95,175
$140,300
Average Upper Fairmount Assessed Value
$50,050
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 Upper Fairmount, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21867 | $38,100 | $44,175 | $50,050 | $77,175 | $112,690 |
Source: Ownwell
Property Tax Bills Across Upper Fairmount, Maryland
In UPPER FAIRMOUNT, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Somerset County, where UPPER FAIRMOUNT is located, the median home price is $50,050. Homeowners in the 25th percentile can expect a tax bill around $471, while those in the 75th percentile might see bills up to $908. For those at the 90th percentile, tax bills can reach as high as $1,190. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, UPPER FAIRMOUNT's property taxes offer a relatively affordable option for homeowners, ensuring they contribute to the community while maintaining manageable expenses.
Average Upper Fairmount Tax Bill
$564
Average Somerset County Tax Bill
$1,158
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Upper Fairmount, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21867 | $418 | $471 | $564 | $908 | $1,190 |
Source: Ownwell