North Andover, Massachusetts Property Taxes
The median property tax rate in North Andover, MA is 1.22%, slightly higher than the national median of 0.99% but just below the Massachusetts state median of 1.23%. With the median home value in North Andover at $582,400, the typical annual property tax bill reaches $7,128, significantly exceeding the national median of $2,690. Property taxes in North Andover are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding North Andover'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 North Andover 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
North Andover, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$7,105
Ownwell’s North Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Andover 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 North Andover, Massachusetts
Property taxes in North Andover, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Andover is 1.22%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within North Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Andover 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 North Andover's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01845 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with North Andover 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 North Andover Tax Rate
1.22%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Andover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01845 | 1.22% | 1.22% | 1.22% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across North Andover, Massachusetts
In North Andover, 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 North Andover, 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 North Andover stands at $582,400, with tax bills ranging from $5,264 at the 25th percentile to $11,031 at the 90th percentile. The highest and lowest median tax bills are both found in the 01845 zip code, amounting to $7,128. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across North Andover, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average North Andover Assessed Value
$582,400
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 North Andover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01845 | $267,000 | $430,925 | $582,400 | $754,500 | $901,230 |
Source: Ownwell
Property Tax Bills Across North Andover, Massachusetts
In North Andover, Essex County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in North Andover is $582,400, which serves as a benchmark for determining tax obligations. The local property tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. For example, homeowners in North Andover can expect tax bills ranging from $5,264 at the 25th percentile to $11,031 at the 90th percentile. The highest and lowest median tax bills in the area both stand at $7,128, reflecting the uniformity in tax assessment practices within the zip code 01845. Compared to the national median property tax rate of 0.99%, North Andover's rates can result in higher tax bills due to the higher property values. This impacts homeowners by potentially increasing their annual financial obligations, making it crucial to understand the factors that influence these assessments.
Average North Andover Tax Bill
$7,128
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across North Andover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01845 | $3,268 | $5,264 | $7,128 | $9,235 | $11,031 |
Source: Ownwell