Melrose, Massachusetts Property Taxes
The median property tax rate in Melrose, MA is 1.13%, which is higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With a median home value of $602,600, the typical annual property tax bill in Melrose reaches $6,785, significantly exceeding the national median of $2,690. Property taxes in Melrose 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 Melrose'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 Melrose or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melrose, 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 Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, Massachusetts
Property taxes in Melrose, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 1.13%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02176 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Melrose 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 Melrose Tax Rate
1.13%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02176 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, Massachusetts
In Melrose, 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 Melrose, 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 Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Melrose is $602,600, and the median tax bill is $6,785, with the highest and lowest median tax bills both found in the 02176 zip code. The tax bills range from $6,562 at the 25th percentile to $7,402 at the 75th percentile, and up to $7,599 at the 90th percentile.
Property Tax Assessment Values Across Melrose, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Melrose Assessed Value
$602,600
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 Melrose, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02176 | $485,100 | $582,750 | $602,600 | $657,400 | $674,900 |
Source: Ownwell
Property Tax Bills Across Melrose, Massachusetts
In Melrose, Essex 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 assessors and reflects the market value of the property. Homeowners in Melrose face a median property tax bill of $6,785, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and condition. For example, homes in the 25th percentile have tax bills around $6,562, while those in the 75th percentile face bills up to $7,402. The highest tax bills, in the 90th percentile, can reach $7,599. These property taxes fund essential public services such as schools, emergency services, and infrastructure. For homeowners, this means that while property taxes can be a significant annual expense, they also contribute to maintaining and improving community resources and services.
Average Melrose Tax Bill
$6,785
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02176 | $5,462 | $6,562 | $6,785 | $7,402 | $7,599 |
Source: Ownwell