Byfield, Massachusetts Property Taxes
The median property tax rate in Byfield, MA is 0.77%, which is notably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Byfield at $709,000, the typical annual property tax bill reaches $5,446, significantly surpassing the national median of $2,690. Property taxes in Byfield 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 Byfield'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 Byfield or another part of Essex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Byfield, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$5,459
Ownwell’s Byfield Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Byfield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Byfield to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Essex County for property tax calculations, and it considers any applicable exemptions.
Property Tax Rates Across Byfield, Massachusetts
Property taxes in Byfield, Massachusetts, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Byfield is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Byfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byfield 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 Byfield's effective property tax rate to other areas in Essex County and the national median. For comparison, the zip code 01922 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Byfield provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byfield Tax Rate
0.77%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01922 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Byfield, Massachusetts
In Byfield, 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 Essex 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 Byfield, 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 Byfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Byfield is $709,000, with the tax bill at the 25th percentile being $4,778 and at the 75th percentile being $6,566. Notably, the highest and lowest median tax bills are both $5,446 in the 01922 zip code.
Property Tax Assessment Values Across Byfield, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Byfield Assessed Value
$709,000
Average Essex County Assessed Value
$545,500
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01922 | $558,890 | $621,975 | $709,000 | $855,000 | $1,047,490 |
Source: Ownwell
Property Tax Bills Across Byfield, Massachusetts
In Byfield, Essex County, MA, property tax bills are calculated based on the assessed value of the home and the local tax rate. Homeowners in Byfield see property tax bills influenced by several factors, including the property's assessed value, which reflects its market value. For instance, with a median home price of $709,000, the property tax rate is applied to this assessed value to determine the annual tax bill. The tax bill amounts can vary significantly. For example, the 25th percentile tax bill stands at $4,778, while the 75th percentile reaches $6,566, and the 90th percentile rises to $8,065. These variations highlight how differences in property assessments impact what homeowners owe. Compared to the national median property tax rate of 0.99%, Byfield's property tax bills can be relatively high, reflecting the area's property values and local tax policies. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners' annual financial obligations.
Average Byfield Tax Bill
$5,446
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Byfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01922 | $4,292 | $4,778 | $5,446 | $6,566 | $8,065 |
Source: Ownwell