Rockport, Massachusetts Property Taxes
The median property tax rate in Rockport, MA is 0.94%, slightly below the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $626,500 in Rockport, the typical annual property tax bill is $5,908, significantly higher than the national median of $2,690. Property taxes in Rockport are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence exemption. By understanding Rockport's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Rockport or another part of Essex County, gaining insight into the local property tax system is crucial for managing expenses effectively.
Last Updated June 14, 2024
Rockport, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$5,889
Ownwell’s Rockport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockport 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 Rockport, Massachusetts
Property taxes in Rockport, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockport is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Rockport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockport 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 Rockport's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01966 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Rockport 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 Rockport Tax Rate
0.94%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockport, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01966 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Rockport, Massachusetts
In Rockport, 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 Rockport, 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 Rockport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rockport is $626,500, with the highest and lowest median tax bills both being $5,908 in the 01966 zip code.
Property Tax Assessment Values Across Rockport, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Rockport Assessed Value
$626,500
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 Rockport, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01966 | $398,310 | $512,075 | $626,500 | $801,825 | $1,193,750 |
Source: Ownwell
Property Tax Bills Across Rockport, Massachusetts
In Rockport, Essex County, 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 local assessor's office, which evaluates the property's market value and applies an assessment ratio. This ratio ensures that the assessed value is a percentage of the market value, which is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and condition, as well as any improvements or renovations. For homeowners in Rockport, the median home price is $626,500. Property tax bills can vary significantly, with the 25th percentile at $4,829 and the 75th percentile at $7,561. The 90th percentile can reach up to $11,258, indicating a wide range in tax burdens. Compared to the national median property tax rate of 0.99%, Rockport homeowners often face higher tax bills, impacting their annual financial planning and overall cost of homeownership.
Average Rockport Tax Bill
$5,908
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockport, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01966 | $3,756 | $4,829 | $5,908 | $7,561 | $11,258 |
Source: Ownwell