Hanover, Massachusetts Property Taxes
The median property tax rate in Hanover, MA is 1.35%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Hanover, the typical annual property tax bill reaches $8,132, exceeding the national median of $2,690. Property taxes in Hanover 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 Hanover'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 Hanover 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
Hanover, 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 Hanover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanover 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 Hanover, Massachusetts
Property taxes in Hanover, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hanover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanover 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 Hanover's effective property tax rate to other areas in Plymouth County and the national median. For comparison, the zip code 02339 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Hanover provides valuable insights into the varying tax landscape across Plymouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hanover Tax Rate
1.35%
Average Plymouth County Tax Rate
1.30%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02339 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Hanover, Massachusetts
In Hanover, 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 Plymouth 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 Hanover, 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 Hanover is $602,800, with property tax bills ranging from $6,893 at the 25th percentile to $13,166 at the 90th percentile. The zip code 02339 has both the highest and lowest median tax bill at $8,132. 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 Hanover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hanover, Massachusetts
Source: Ownwell
$292,450
$663,075
$1,033,700
Average Hanover Assessed Value
$602,800
Average Plymouth County Assessed Value
$476,400
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hanover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02339 | $453,760 | $511,000 | $602,800 | $757,100 | $975,980 |
Source: Ownwell
Property Tax Bills Across Hanover, Massachusetts
Property tax bills in Hanover, located in Plymouth County, MA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the city's assessor and reflects the market value of the home. For instance, with a median home price of $602,800, homeowners can expect their property tax bills to vary significantly depending on their property's assessed value and specific characteristics. Factors considered in determining the tax bill include the property's size, location, and any improvements or renovations made. These elements contribute to the final assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. In Hanover, tax bills show a wide range, with the 25th percentile at $6,893 and the 75th percentile reaching $10,208. At the 90th percentile, homeowners might see bills as high as $13,166. Compared to the national median property tax rate of 0.99%, Hanover's property tax rates can significantly impact homeowners, especially those with higher-valued properties.
Average Hanover Tax Bill
$8,132
Average Plymouth County Tax Bill
$6,149
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02339 | $6,121 | $6,893 | $8,132 | $10,208 | $13,166 |
Source: Ownwell