Falmouth, Massachusetts Property Taxes
The median property tax rate in Falmouth, MA is 0.69%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Falmouth at $696,300, the typical annual property tax bill reaches $4,820, significantly higher than the national median of $2,690. Property taxes in Falmouth 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 Falmouth'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 Falmouth 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
Falmouth, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$4,804
Ownwell’s Falmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falmouth 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 Falmouth, Massachusetts
Property taxes in Falmouth, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falmouth is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Falmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falmouth 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. Understanding how Falmouth's effective property tax rate compares with other areas in Barnstable County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falmouth Tax Rate
0.69%
Average Barnstable County Tax Rate
0.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falmouth, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02540 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Falmouth, Massachusetts
In Falmouth, Massachusetts, 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 Barnstable 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 Falmouth, 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 Falmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 02540 has both the highest and lowest median tax bill at $4,820, reflecting the uniformity in property tax assessments across the area.
Property Tax Assessment Values Across Falmouth, Massachusetts
Source: Ownwell
$390,350
$1,067,975
$1,745,600
Average Falmouth Assessed Value
$696,300
Average Barnstable County Assessed Value
$556,400
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falmouth, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02540 | $368,400 | $526,800 | $696,300 | $960,100 | $1,563,500 |
Source: Ownwell
Property Tax Bills Across Falmouth, Massachusetts
In Falmouth, Barnstable County, MA, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Falmouth is $696,300, which is significantly higher than the national median. This higher home value contributes to the town's property tax bills, which range from $3,651 at the 25th percentile to $10,819 at the 90th percentile. The highest and lowest median tax bills in the area are both $4,820, indicating a consistent tax rate across different zip codes. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in Falmouth face tax bills that can vary widely based on these factors, affecting their annual financial planning. Compared to the national median property tax rate of 0.99%, Falmouth's rates reflect its higher property values, making it crucial for homeowners to understand how their tax bills are calculated and to explore any available tax relief options.
Average Falmouth Tax Bill
$4,820
Average Barnstable County Tax Bill
$4,094
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Falmouth, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02540 | $2,551 | $3,651 | $4,820 | $6,644 | $10,819 |
Source: Ownwell