Lawrence, Massachusetts Property Taxes
The median property tax rate in Lawrence, MA is 1.02%, which is higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Lawrence at $424,500, the typical annual property tax bill reaches $4,314, significantly exceeding the national median of $2,690. Property taxes in Lawrence are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Lawrence'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 Lawrence 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
Lawrence, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$4,330
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Essex County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lawrence, Massachusetts
Property taxes in Lawrence, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 1.02%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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 Lawrence's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01842 zip code has the highest median property tax rate of 1.02%, while the 01841 zip code has the lowest median tax rate of 1.02%. Understanding how these cities compare with Lawrence 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 Lawrence Tax Rate
1.02%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrence, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01840 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
| 01841 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
| 01842 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
| 01843 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Massachusetts
In Lawrence, 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 Lawrence, 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. For instance, the highest median tax bill in Lawrence is $4,626 in the 01841 zip code, while the lowest is $2,621 in the 01840 zip code. 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 Lawrence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lawrence, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Lawrence Assessed Value
$424,500
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 Lawrence, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01840 | $65,990 | $111,675 | $258,000 | $479,400 | $573,140 |
| 01841 | $219,550 | $320,400 | $455,050 | $566,625 | $632,600 |
| 01842 | $187,840 | $254,800 | $366,400 | $441,350 | $486,320 |
| 01843 | $266,500 | $350,725 | $409,500 | $496,350 | $582,010 |
Source: Ownwell
Property Tax Bills Across Lawrence, Massachusetts
In Lawrence, Essex County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate, set by the city, is applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $424,500, homeowners can expect varying tax bills depending on their specific property assessments and applicable exemptions. Factors influencing the tax bill include the property's location, size, and condition. In Lawrence, the tax bill at the 25th percentile is approximately $3,385, while at the 75th percentile, it's around $5,514. For those in the 90th percentile, the tax bill can reach up to $6,252. The highest median tax bill in Lawrence is $4,626 in the 01841 zip code, whereas the lowest is $2,621 in the 01840 zip code. These figures are above the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. Homeowners must budget accordingly, as property taxes significantly impact annual housing costs.
Average Lawrence Tax Bill
$4,314
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01840 | $671 | $1,135 | $2,621 | $4,870 | $5,823 |
| 01841 | $2,230 | $3,255 | $4,626 | $5,758 | $6,430 |
| 01842 | $1,909 | $2,589 | $3,723 | $4,484 | $4,941 |
| 01843 | $2,708 | $3,563 | $4,161 | $5,042 | $5,913 |
Source: Ownwell