Lynnfield, Massachusetts Property Taxes
The median property tax rate in Lynnfield, MA is 1.13%, which is considerably higher than the national median of 0.99% but lower than Massachusetts' state median of 1.23%. With the median home value in Lynnfield at $815,750, the typical annual property tax bill reaches $9,218, significantly exceeding the national median of $2,690. Property taxes in Lynnfield 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 Lynnfield'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 Lynnfield 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
Lynnfield, 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 Lynnfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynnfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynnfield 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 Lynnfield, Massachusetts
Property taxes in Lynnfield, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynnfield is 1.13%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Lynnfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynnfield 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 Lynnfield's effective property tax rate compares to other areas in Essex County and the national median provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynnfield Tax Rate
1.13%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynnfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01940 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Lynnfield, Massachusetts
In Lynnfield, 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 Lynnfield, 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 Lynnfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Lynnfield is $815,750, with tax bills ranging from $7,800 at the 25th percentile to $13,554 at the 90th percentile. The zip code 01940 has both the highest and lowest median tax bill at $9,218.
Property Tax Assessment Values Across Lynnfield, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Lynnfield Assessed Value
$815,750
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 Lynnfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01940 | $566,980 | $690,275 | $815,750 | $1,011,025 | $1,199,540 |
Source: Ownwell
Property Tax Bills Across Lynnfield, Massachusetts
In Lynnfield, Essex County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For example, a median home price in Lynnfield is $815,750. Homeowners in Lynnfield experience a range of tax bills, with the 25th percentile at approximately $7,800 and the 75th percentile reaching $11,429. For those in the 90th percentile, tax bills can be as high as $13,554. These figures highlight the significant variation in property tax burdens within the community, influenced by property values and the town's tax rate. Compared to the national median property tax rate of 0.99%, Lynnfield homeowners face a considerable tax obligation, which can impact their financial planning and overall cost of homeownership. Understanding these factors is crucial for homeowners to anticipate and manage their annual property tax expenses effectively.
Average Lynnfield Tax Bill
$9,218
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynnfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01940 | $6,407 | $7,800 | $9,218 | $11,429 | $13,554 |
Source: Ownwell