Ipswich, Massachusetts Property Taxes
The median property tax rate in Ipswich, MA is 1.14%, which is considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Ipswich at $672,450, the typical annual property tax bill reaches $7,652, significantly exceeding the national median of $2,690. Property taxes in Ipswich 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 Ipswich'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 Ipswich 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
Ipswich, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Ipswich Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ipswich with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ipswich to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Ipswich, Massachusetts
Property taxes in Ipswich, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ipswich is 1.14%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Ipswich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ipswich 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 Ipswich's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01938 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Ipswich 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 Ipswich Tax Rate
1.14%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ipswich, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01938 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Ipswich, Massachusetts
In Ipswich, 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 Ipswich, 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 Ipswich helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Ipswich is $672,450, with tax bills ranging from $6,130 at the 25th percentile to $13,107 at the 90th percentile. The zip code 01938 has the highest and lowest median tax bill, both at $7,652.
Property Tax Assessment Values Across Ipswich, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Ipswich Assessed Value
$672,450
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 Ipswich, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01938 | $431,400 | $538,725 | $672,450 | $896,728 | $1,151,635 |
Source: Ownwell
Property Tax Bills Across Ipswich, Massachusetts
In Ipswich, Essex County, MA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as market conditions, property size, and home improvements can influence the assessed value. For instance, the median home price in Ipswich is $672,450, which significantly impacts the tax calculations. Homeowners in Ipswich can expect their tax bills to vary widely. At the 25th percentile, tax bills are around $6,130, while at the 75th percentile, they can reach $10,207. The 90th percentile tax bill can soar to $13,107. The highest and lowest median tax bills in the area are both reported at $7,652, indicating a relatively uniform tax rate within the region. These tax bills can significantly affect homeowners by contributing to the overall cost of owning property. For comparison, the national median property tax rate is 0.99%, highlighting the relatively higher tax burden in Ipswich.
Average Ipswich Tax Bill
$7,652
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Ipswich, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01938 | $4,909 | $6,130 | $7,652 | $10,207 | $13,107 |
Source: Ownwell