Somerset, Massachusetts Property Taxes
The median property tax rate in Somerset, MA is 1.27%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Somerset at $370,600, the typical annual property tax bill reaches $4,699, exceeding the national median of $2,690. Property taxes in Somerset 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 Somerset'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 Somerset 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
Somerset, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$4,707
Ownwell’s Somerset Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Somerset to estimate your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the figure assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Somerset, Massachusetts
Property taxes in Somerset, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 1.27%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the 02725 zip code has the highest median property tax rate of 1.27%, while the 02726 zip code also has the lowest median tax rate of 1.27%. Understanding how these zip codes compare with Somerset provides valuable insights into the varying tax landscape across Bristol County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
1.27%
Average Bristol County Tax Rate
1.27%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02725 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
| 02726 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Somerset, MA. 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 Bristol 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 Somerset, 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 Somerset is $370,600, with tax bills ranging from $4,255 at the 25th percentile to $6,420 at the 90th percentile. The highest median tax bill is $4,745 in zip code 02726, while the lowest median tax bill is $4,336 in zip code 02725. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Somerset, Massachusetts
Source: Ownwell
$270,400
$556,350
$842,300
Average Somerset Assessed Value
$370,600
Average Bristol County Assessed Value
$384,800
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02725 | $278,950 | $306,200 | $341,950 | $387,625 | $445,900 |
| 02726 | $316,300 | $340,500 | $374,200 | $428,525 | $516,810 |
Source: Ownwell
Property Tax Bills Across Somerset, Massachusetts
In Somerset, located in Bristol 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 the city’s assessor and reflects the market value of the property. Somerset's property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thus impacting the tax bill. For homeowners in Somerset, the median home price stands at $370,600. Property tax bills can vary significantly, with the 25th percentile at $4,255, the 75th percentile at $5,360, and the 90th percentile reaching $6,420. The highest median tax bill in the area is $4,745 in the 02726 zip code, while the lowest is $4,336 in the 02725 zip code. Given that the national median property tax rate is 0.99%, Somerset's property tax rates can be seen as relatively high, which can significantly affect homeowners' annual expenses.
Average Somerset Tax Bill
$4,699
Average Bristol County Tax Bill
$4,707
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02725 | $3,537 | $3,883 | $4,336 | $4,916 | $5,654 |
| 02726 | $4,011 | $4,318 | $4,745 | $5,432 | $6,553 |
Source: Ownwell