Watertown, Massachusetts Property Taxes
The median property tax rate in Watertown, MA is 1.36%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Watertown at $721,300, the typical annual property tax bill reaches $9,787, exceeding the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$9,810
Ownwell’s Watertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, Massachusetts
Property taxes in Watertown, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 02472 has both the highest and lowest median property tax rate of 1.36%. Understanding how these areas compare with Watertown 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 Watertown Tax Rate
1.36%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watertown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02472 | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Watertown, Massachusetts. 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 Watertown, 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 Watertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Watertown both stand at $9,787, located in the 02472 zip code.
Property Tax Assessment Values Across Watertown, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Watertown Assessed Value
$721,300
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 Watertown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02472 | $435,000 | $554,500 | $721,300 | $871,000 | $985,800 |
Source: Ownwell
Property Tax Bills Across Watertown, Massachusetts
In Watertown, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. For instance, the median home price in Watertown is $721,300. Property taxes are then calculated by applying the local tax rate to this assessed value. Homeowners in Watertown can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is $7,522, while at the 75th percentile, it is $11,824. For those at the 90th percentile, the tax bill reaches $13,380. The highest median tax bill in the area is $9,787, which is consistent across the zip code 02472. Compared to the national median property tax rate of 0.99%, Watertown's property taxes can be relatively high, impacting homeowners by requiring a substantial annual financial commitment. This can affect household budgets and overall affordability of living in the area.
Average Watertown Tax Bill
$9,787
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Watertown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02472 | $5,907 | $7,522 | $9,787 | $11,824 | $13,380 |
Source: Ownwell