Warwick, Massachusetts Property Taxes
The median property tax rate in Warwick, MA is 2.01%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Warwick, the typical annual property tax bill reaches $3,634, exceeding the national median of $2,690. Property taxes in Warwick 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 Warwick'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 Warwick 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
Warwick, 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 Warwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warwick 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 Warwick, Massachusetts
Property taxes in Warwick, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warwick is 2.01%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Warwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warwick 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 Warwick's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01364 zip code has the highest median property tax rate of 2.01%, while the 01378 zip code has the lowest median tax rate of 2.01%. Understanding how these cities compare with Warwick provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warwick Tax Rate
2.01%
Average Franklin County Tax Rate
1.69%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warwick, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01364 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
| 01378 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Warwick, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Warwick, 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 the Franklin 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 Warwick, 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. For instance, the zip code 01378 has the highest median tax bill at $3,673, while the zip code 01364 has the lowest median tax bill at $921. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Warwick Assessed Value
$180,700
Average Franklin County Assessed Value
$252,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warwick, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01364 | $26,985 | $30,924 | $45,796 | $74,581 | $117,161 |
| 01378 | $83,360 | $138,300 | $182,641 | $242,650 | $293,640 |
Source: Ownwell
Property Tax Bills Across Warwick, Massachusetts
In Warwick, property tax bills are calculated based on the assessed value of a property and the local tax rate set by Franklin County. The median home price in Warwick is $180,700, which serves as a starting point for determining the assessed value. The local 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. Homeowners in Warwick can expect a range of property tax bills. At the 25th percentile, the tax bill is approximately $2,726, while at the 75th percentile, it is around $4,844. For those at the 90th percentile, the tax bill can reach up to $5,898. Comparatively, the highest median tax bill in Franklin County is $3,673 in the 01378 zip code, while the lowest is $921 in the 01364 zip code. These variations highlight the significant impact property assessments and local tax rates have on homeowners' annual expenses.
Average Warwick Tax Bill
$3,634
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Warwick, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01364 | $542 | $622 | $921 | $1,500 | $2,356 |
| 01378 | $1,676 | $2,781 | $3,673 | $4,880 | $5,905 |
Source: Ownwell