Topsfield, Massachusetts Property Taxes
The median property tax rate in Topsfield, MA is 1.47%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Topsfield at $798,300, the typical annual property tax bill reaches $11,727, significantly exceeding the national median of $2,690. Property taxes in Topsfield 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 Topsfield'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 Topsfield 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
Topsfield, 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 Topsfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Topsfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Topsfield 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 Topsfield, Massachusetts
Property taxes in Topsfield, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Topsfield is 1.47%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Topsfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Topsfield 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 Topsfield's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01983 has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Topsfield 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 Topsfield Tax Rate
1.47%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topsfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01983 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Topsfield, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Topsfield, Massachusetts. 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 local authorities 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 Topsfield, 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 Topsfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Topsfield is $798,300, with median tax bills ranging from $9,964 at the 25th percentile to $17,747 at the 90th percentile. The highest and lowest median tax bills both stand at $11,727 in zip code 01983.
Property Tax Assessment Values Across Topsfield, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Topsfield Assessed Value
$798,300
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 Topsfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01983 | $588,190 | $678,675 | $798,300 | $944,875 | $1,208,140 |
Source: Ownwell
Property Tax Bills Across Topsfield, Massachusetts
In Topsfield, 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 town's assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $798,300, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $9,964, while the 75th percentile reaches $13,880. At the 90th percentile, homeowners might see tax bills as high as $17,747. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Topsfield's tax bills are relatively high, reflecting both the higher property values and the local tax rate. This can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting property values in the area.
Average Topsfield Tax Bill
$11,727
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Topsfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01983 | $8,640 | $9,964 | $11,727 | $13,880 | $17,747 |
Source: Ownwell