Onset, Massachusetts Property Taxes
The median property tax rate in Onset, MA is 0.88%, which is lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Onset, the typical annual property tax bill reaches $5,920, significantly higher than the national median of $2,690. Property taxes in Onset 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 Onset'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 Onset 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
Onset, 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 Onset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onset 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 Onset, Massachusetts
Property taxes in Onset, Massachusetts, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onset is 0.88%, which is lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Onset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onset 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 Onset's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02558 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Onset provides valuable insights into the varying tax landscape across Barnstable County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Onset Tax Rate
0.88%
Average Barnstable County Tax Rate
0.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Onset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02558 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Onset, Massachusetts
In Onset, 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 Barnstable 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 Onset, 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. For instance, the highest and lowest median tax bills in Onset are both $5,920, found in the zip code 02558. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Onset, Massachusetts
Source: Ownwell
$390,350
$1,067,975
$1,745,600
Average Onset Assessed Value
$671,900
Average Barnstable County Assessed Value
$556,400
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Onset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02558 | $387,050 | $524,525 | $671,900 | $768,350 | $810,850 |
Source: Ownwell
Property Tax Bills Across Onset, Massachusetts
In Onset, Barnstable County, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the city's assessor, who evaluates the property's market value and adjusts it accordingly. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, condition, and market trends. Homeowners in Onset can expect a median property tax bill of $5,920, which is above the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is $4,621, while the 75th percentile tax bill reaches $6,769, and the 90th percentile tax bill is $7,144. These property tax bills significantly impact homeowners by influencing their annual expenses and potentially affecting their decisions regarding property investments and home improvements. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future costs.
Average Onset Tax Bill
$5,920
Average Barnstable County Tax Bill
$4,094
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Onset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02558 | $3,410 | $4,621 | $5,920 | $6,769 | $7,144 |
Source: Ownwell