Hopkinton, Massachusetts Property Taxes
The median property tax rate in Hopkinton, MA is 1.58%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Hopkinton at $679,400, the typical annual property tax bill reaches $10,741, exceeding the national median of $2,690. Property taxes in Hopkinton 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 Hopkinton'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 Hopkinton 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
Hopkinton, 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 Hopkinton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkinton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkinton 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 Hopkinton, Massachusetts
Property taxes in Hopkinton, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkinton is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hopkinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkinton 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 Hopkinton's effective property tax rate to other areas in Middlesex County and the national median. For comparison, the 01748 zip code has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Hopkinton provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkinton Tax Rate
1.58%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkinton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01748 | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinton, Massachusetts
In Hopkinton, 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 Middlesex 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 Hopkinton, 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. The median home price in Hopkinton stands at $679,400, with tax bills ranging from $8,088 at the 25th percentile to $16,928 at the 90th percentile. The zip code 01748 has the highest and lowest median tax bill of $10,741. 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 Hopkinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hopkinton, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Hopkinton Assessed Value
$679,400
Average Middlesex County Assessed Value
$633,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkinton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01748 | $393,320 | $511,600 | $679,400 | $843,600 | $1,070,730 |
Source: Ownwell
Property Tax Bills Across Hopkinton, Massachusetts
In Hopkinton, property tax bills are calculated based on the assessed value of a home and the local tax rate. The local tax rate in Middlesex County is significantly above the national median property tax rate of 0.99%, making property taxes a substantial consideration for homeowners. For instance, with a median home price of $679,400, homeowners in Hopkinton can expect a tax bill ranging from $8,088 at the 25th percentile to $16,928 at the 90th percentile. The local government assesses property values annually, considering factors such as market trends, property condition, and improvements. These assessed values are then multiplied by the local tax rate to determine the annual property tax bill. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions related to buying, selling, or renovating properties. Moreover, the highest and lowest median tax bills in Hopkinton are both recorded at $10,741 in the 01748 zip code, highlighting the relatively uniform tax assessments within the city.
Average Hopkinton Tax Bill
$10,741
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkinton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01748 | $6,218 | $8,088 | $10,741 | $13,330 | $16,928 |
Source: Ownwell