Needham, Massachusetts Property Taxes
The median property tax rate in Needham, MA is 1.30%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Needham at $972,450, the typical annual property tax bill reaches $12,680, significantly exceeding the national median of $2,690. Property taxes in Needham are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence exemption. Understanding Needham'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 Needham 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
Needham, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$12,642
Ownwell’s Needham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Needham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Needham 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 Needham, Massachusetts
Property taxes in Needham, Massachusetts, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Needham is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Needham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Needham 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 Needham's effective property tax rate to other areas in Norfolk County and the national median. For comparison, the zip code 02494 has the highest median property tax rate of 1.30%, while zip code 02492 has the lowest median tax rate of 1.30%. Understanding how these areas compare with Needham provides valuable insights into the varying tax landscape across Norfolk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Needham Tax Rate
1.30%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Needham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02492 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| 02494 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Needham, Massachusetts
In Needham, 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 Norfolk 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. 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 Needham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $29,648 in the 02494 zip code, while the lowest is $12,676 in the 02492 zip code.
Property Tax Assessment Values Across Needham, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Needham Assessed Value
$972,450
Average Norfolk County Assessed Value
$592,100
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Needham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02492 | $686,200 | $804,700 | $972,200 | $1,368,600 | $1,778,640 |
| 02494 | $1,175,040 | $1,229,400 | $2,273,600 | $2,297,300 | $3,069,620 |
Source: Ownwell
Property Tax Bills Across Needham, Massachusetts
In Needham, located in Norfolk County, MA, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in Needham is $972,450, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, assessment practices, and any applicable exemptions. For homeowners, this means that their tax bill can vary significantly depending on the value of their property. For instance, the tax bill at the 25th percentile is $10,495, while at the 75th percentile, it rises to $17,848. The 90th percentile tax bill reaches $23,204. The highest median tax bill in Needham is $29,648 in the zip code 02494, whereas the lowest is $12,676 in zip code 02492. Compared to the national median property tax rate of 0.99%, Needham's property taxes are relatively high, impacting homeowners by increasing their annual housing costs.
Average Needham Tax Bill
$12,680
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Needham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02492 | $8,948 | $10,494 | $12,676 | $17,842 | $23,177 |
| 02494 | $15,322 | $16,031 | $29,648 | $29,957 | $40,028 |
Source: Ownwell