Somerset, California Property Taxes
The median property tax rate in Somerset, CA is 1.06%, slightly higher than the national median of 0.99% but lower than California's state median of 1.21%. With the median home value in Somerset, the typical annual property tax bill reaches $2,855, exceeding the national median of $2,690. Property taxes in Somerset 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 Somerset'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 Somerset 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
Somerset, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,928
$2,717
Ownwell’s Somerset Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Somerset to provide an estimate of your property tax bill. This useful tool helps you understand potential tax liabilities. For those interested in trends at the neighborhood level, more localized information is available by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Somerset, California
Property taxes in Somerset, California, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 1.06%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in California and the national median. For comparison, the 95684 zip code has the highest median property tax rate of 1.06%, while the lowest median tax rate is also 1.06%. Understanding how these cities compare with Somerset provides valuable insights into the varying tax landscape across El Dorado County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
1.06%
Average El Dorado County Tax Rate
1.07%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95684 | 1.03% | 1.04% | 1.06% | 1.09% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, California
In Somerset, 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 El Dorado County Assessor's Office 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 Somerset, 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 Somerset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Somerset is $276,192. Tax bills can vary significantly, with the 25th percentile at $1,858 and the 75th percentile at $4,235. The highest and lowest median tax bills are both $2,855, found in the 95684 zip code.
Average Somerset Assessed Value
$276,192
Average El Dorado County Assessed Value
$402,842
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95684 | $100,116 | $177,532 | $276,192 | $408,000 | $554,661 |
Source: Ownwell
Property Tax Bills Across Somerset, California
In Somerset, CA, property tax bills are calculated based on the assessed value of the home, which is determined by the El Dorado County Assessor's Office. The tax rate in this region is applied to the assessed value to calculate the annual tax bill. Factors such as market conditions, property improvements, and changes in ownership can influence the assessed value. Homeowners in Somerset can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,858, while the 75th percentile tax bill reaches $4,235. At the higher end, the 90th percentile tax bill can be as much as $5,799. These property tax bills can have a substantial impact on homeowners, influencing their monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Somerset's property taxes reflect the region's unique market conditions. Understanding how these taxes are calculated helps homeowners anticipate and manage their financial obligations more effectively.
Average Somerset Tax Bill
$2,855
Average El Dorado County Tax Bill
$4,236
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95684 | $1,063 | $1,858 | $2,855 | $4,235 | $5,799 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | November 30 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
Links | |
|---|---|
| El Dorado Tax Assessor | |
| Website | parcel.edcgov.us |