Westernport, Maryland Property Taxes
The median property tax rate in Westernport, MD is 1.22%, considerably higher than both the national median of 0.99% and the Maryland state median of 1.06%. With the median home value in Westernport at $81,800, the typical annual property tax bill reaches $907, which is still below the national median of $2,690. Property taxes in Westernport 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 Westernport'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 Westernport 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
Westernport, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$998
$926
Ownwell’s Westernport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westernport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westernport 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 Westernport, Maryland
Property taxes in Westernport, Maryland, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westernport is 1.22%, higher than both the Maryland state median and the U.S. national median of 0.99%. Local government entities within Westernport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westernport 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 Westernport's effective property tax rate to other counties in Maryland and the national median. For comparison, the 21562 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Westernport provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westernport Tax Rate
1.22%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westernport, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21562 | 0.83% | 0.92% | 1.22% | 1.33% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Westernport, Maryland
In Westernport, 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 Allegany 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 Westernport, 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 Westernport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Westernport is $907 in the 21562 zip code, which is also the lowest median tax bill, offering a unique insight into the consistency of property taxes in this area.
Average Westernport Assessed Value
$81,800
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westernport, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21562 | $34,770 | $51,500 | $81,800 | $118,475 | $168,260 |
Source: Ownwell
Property Tax Bills Across Westernport, Maryland
In Westernport, Allegany County, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the county's property tax rate. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Westernport typically see a median property tax bill of around $907, which is relatively modest compared to the national median property tax rate of 0.99%. For example, homes in the 25th percentile have tax bills around $614, while those in the 75th percentile pay approximately $1,317. High-value homes in the 90th percentile can see tax bills as high as $1,822. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how these factors contribute to your tax bill can help you anticipate and manage your financial obligations as a homeowner in Westernport.
Average Westernport Tax Bill
$907
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Westernport, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21562 | $407 | $614 | $907 | $1,317 | $1,822 |
Source: Ownwell