Lakeville, Massachusetts Property Taxes
The median property tax rate in Lakeville, MA is 1.05%, slightly higher than the national median of 0.99% but below the Massachusetts state median of 1.23%. With a median home value of $513,000 in Lakeville, the typical annual property tax bill amounts to $5,412, significantly exceeding the national median of $2,690. Property taxes in Lakeville are based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Lakeville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lakeville or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeville, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$5,387
Ownwell’s Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville 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 Lakeville, Massachusetts
Property taxes in Lakeville, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 1.05%, higher than the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 02347 has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lakeville 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 Lakeville Tax Rate
1.05%
Average Plymouth County Tax Rate
1.30%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02347 | 1.05% | 1.05% | 1.05% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Massachusetts
In Lakeville, 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 Lakeville, 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 Lakeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lakeville is $513,000, with tax bills ranging from $4,303 at the 25th percentile to $8,013 at the 90th percentile. The zip code 02347 has both the highest and lowest median tax bill at $5,412.
Property Tax Assessment Values Across Lakeville, Massachusetts
Source: Ownwell
$292,450
$663,075
$1,033,700
Average Lakeville Assessed Value
$513,000
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 Lakeville, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02347 | $306,030 | $407,900 | $513,000 | $634,200 | $759,450 |
Source: Ownwell
Property Tax Bills Across Lakeville, Massachusetts
In Lakeville, Plymouth 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 local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $513,000, homeowners can expect varying tax bills depending on their property's assessed value and specific local factors. Factors influencing the tax bill include property size, location, and any improvements or renovations. For Lakeville residents, tax bills can range significantly, with the 25th percentile at $4,303, the 75th percentile at $6,694, and the 90th percentile reaching up to $8,013. The highest and lowest median tax bills in the area are both recorded at $5,412 in the zip code 02347. Compared to the national median property tax rate of 0.99%, Lakeville's rates reflect the unique economic and real estate conditions of the region. These property taxes fund essential services like schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Lakeville Tax Bill
$5,412
Average Plymouth County Tax Bill
$6,149
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02347 | $3,228 | $4,303 | $5,412 | $6,694 | $8,013 |
Source: Ownwell