Wenham, Massachusetts Property Taxes
The median property tax rate in Wenham, MA is 1.74%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Wenham at $774,500, the typical annual property tax bill reaches $13,438, significantly exceeding the national median of $2,690. Property taxes in Wenham 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 Wenham'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 Wenham 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
Wenham, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$13,476
Ownwell’s Wenham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wenham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wenham 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 Wenham, Massachusetts
Property taxes in Wenham, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wenham is 1.74%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Wenham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wenham 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 Wenham’s effective property tax rate compares to other areas in Essex County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wenham Tax Rate
1.74%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wenham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01984 | 1.73% | 1.73% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Wenham, Massachusetts
In Wenham, 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 Wenham, 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 Wenham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wenham is $774,500, with the 25th percentile tax bill at $11,375 and the 75th percentile tax bill at $16,666. The highest and lowest median tax bill is $13,438 in the 01984 zip code.
Property Tax Assessment Values Across Wenham, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Wenham Assessed Value
$774,500
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 Wenham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01984 | $559,760 | $655,600 | $774,500 | $960,600 | $1,297,680 |
Source: Ownwell
Property Tax Bills Across Wenham, Massachusetts
In Wenham, 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. Wenham's property tax rate is among the highest in the state, significantly impacting homeowners. For instance, the median home price in Wenham is $774,500, resulting in a substantial tax bill. Factors considered in determining the tax bill include the property's location, size, and condition. Homeowners in Wenham can expect tax bills varying widely, with the 25th percentile at $11,375 and the 75th percentile at $16,666. The 90th percentile tax bill reaches up to $22,515. Compared to the national median property tax rate of 0.99%, Wenham's rates are notably higher, reflecting the higher property values and local tax policies. This high tax burden can affect homeowners' financial planning and overall cost of living in the area.
Average Wenham Tax Bill
$13,438
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Wenham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01984 | $9,712 | $11,375 | $13,438 | $16,666 | $22,515 |
Source: Ownwell