South Boston, Massachusetts Property Taxes
The median property tax rate in South Boston, MA is 1.07%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in South Boston at $768,300, the typical annual property tax bill reaches $8,252, exceeding the national median of $2,690. Property taxes in South Boston 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 South Boston'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 South Boston 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
South Boston, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$8,221
Ownwell’s South Boston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Boston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Boston 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 South Boston, Massachusetts
Property taxes in South Boston, Massachusetts, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in South Boston is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within South Boston set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Boston 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 South Boston's effective property tax rate to other areas in Suffolk County and the national median. For comparison, the 02127 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with South Boston 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 South Boston Tax Rate
1.07%
Average Suffolk County Tax Rate
1.07%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Boston, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02127 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across South Boston, Massachusetts
In South Boston, 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 South Boston, 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 South Boston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in South Boston are both $8,252, found in zip code 02127.
Property Tax Assessment Values Across South Boston, Massachusetts
Source: Ownwell
$84,600
$1,690,350
$3,296,100
Average South Boston Assessed Value
$768,300
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 South Boston, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02127 | $475,580 | $591,600 | $768,300 | $1,014,350 | $1,345,640 |
Source: Ownwell
Property Tax Bills Across South Boston, Massachusetts
In South Boston, Suffolk County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. The tax rate is applied to this assessed value to calculate the annual property tax bill. For homeowners in South Boston, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is approximately $6,354, while at the 75th percentile, it rises to around $10,894. Those at the 90th percentile can expect to pay as much as $14,452 annually. The median home price in South Boston is $768,300, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, homeowners in South Boston may experience higher tax bills, impacting their annual financial planning and overall cost of homeownership.
Average South Boston Tax Bill
$8,252
Average Suffolk County Tax Bill
$6,836
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across South Boston, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02127 | $5,108 | $6,354 | $8,252 | $10,894 | $14,452 |
Source: Ownwell