Essex, Massachusetts Property Taxes
The median property tax rate in Essex, MA is 1.39%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Essex at $657,300, the typical annual property tax bill reaches $9,123, significantly exceeding the national median of $2,690. Property taxes in Essex 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 Essex'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 Essex 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
Essex, 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 Essex Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Essex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Essex 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 Essex, Massachusetts
Property taxes in Essex, MA, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essex is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Essex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essex 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. Understanding how Essex's effective property tax rate compares with other counties and the national median provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essex Tax Rate
1.39%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essex, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01929 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Essex, Massachusetts
In Essex, 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 Essex 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 Essex, 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. Essex's median home price stands at $657,300, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $7,314, while the 75th percentile reaches $12,388, and the 90th percentile climbs to $17,607. The highest and lowest median tax bills, both at $9,123, are found in zip code 01929. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Essex Assessed Value
$657,300
Average Essex County Assessed Value
$545,500
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essex, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01929 | $442,340 | $526,150 | $657,300 | $891,300 | $1,268,497 |
Source: Ownwell
Property Tax Bills Across Essex, Massachusetts
In Essex, 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 local assessor's office and reflects the market value of the property. Homeowners in Essex see a range of property tax bills, influenced by the value of their homes and the specific tax rate applied. The median home price in Essex is $657,300, and property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $7,314 annually, while those in the 75th percentile face bills closer to $12,388. The highest median tax bill in Essex is $9,123, which is above the national median property tax rate of 0.99%. These property tax bills impact homeowners by influencing affordability and the overall cost of homeownership. Higher property taxes can affect monthly mortgage payments and the long-term financial planning of residents. Understanding these factors is crucial for homeowners in managing their finances and future investments.
Average Essex Tax Bill
$9,123
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Essex, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01929 | $6,140 | $7,314 | $9,123 | $12,388 | $17,607 |
Source: Ownwell