Revere, Massachusetts Property Taxes
The median property tax rate in Revere, MA is 0.95%, slightly below the state median of 1.23% but still higher than the national median of 0.99%. With a median home value of $547,150 in Revere, the typical annual property tax bill amounts to $5,204, significantly surpassing the national median of $2,690. Property taxes in Revere are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences. Understanding Revere'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 Revere or another part of the city, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Revere, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$5,198
Ownwell’s Revere Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Revere with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Revere 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 Suffolk County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Revere, Massachusetts
Property taxes in Revere, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Revere is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Revere set these rates annually, and they can vary significantly across different neighborhoods. Each year, Revere 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 Revere's effective property tax rate to other areas in Suffolk County and the national median. For comparison, the 02151 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Revere provides valuable insights into the varying tax landscape across Suffolk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Revere Tax Rate
0.95%
Average Suffolk County Tax Rate
1.07%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Revere, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02151 | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Revere, Massachusetts
In Revere, 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 Suffolk 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 Revere, 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 Revere is $547,150, and the median tax bill is $5,204, making it important to understand these valuations. 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 Revere helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Revere, Massachusetts
Source: Ownwell
$84,600
$1,690,350
$3,296,100
Average Revere Assessed Value
$547,150
Average Suffolk County Assessed Value
$641,300
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Revere, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02151 | $330,330 | $443,600 | $547,150 | $667,500 | $785,510 |
Source: Ownwell
Property Tax Bills Across Revere, Massachusetts
Property tax bills in Revere, Suffolk County, MA, are calculated based on the assessed value of a property and the local tax rate. The assessment reflects the market value of the home, which is determined by the city's assessors. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Revere can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $4,219, while the 75th percentile reaches $6,348, and the 90th percentile can go up to $7,470. The median home price in Revere is $547,150, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Revere's property tax rates can be relatively higher, impacting homeowners' annual financial responsibilities. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Revere Tax Bill
$5,204
Average Suffolk County Tax Bill
$6,836
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Revere, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02151 | $3,141 | $4,219 | $5,204 | $6,348 | $7,470 |
Source: Ownwell