Lexington, Massachusetts Property Taxes
The median property tax rate in Lexington, MA is 1.30%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Lexington at $1,153,000, the typical annual property tax bill reaches $14,989, significantly exceeding the national median of $2,690. Property taxes in Lexington 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 Lexington'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 Lexington 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
Lexington, 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 Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, Massachusetts
Property taxes in Lexington, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02420 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
1.30%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02420 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| 02421 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Massachusetts
In Lexington, 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 Middlesex 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $15,353 in zip code 02421, while the lowest median tax bill is $14,599 in zip code 02420.
Property Tax Assessment Values Across Lexington, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Lexington Assessed Value
$1,153,000
Average Middlesex County Assessed Value
$633,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02420 | $670,000 | $859,000 | $1,123,000 | $1,563,000 | $2,060,200 |
| 02421 | $789,000 | $926,000 | $1,181,000 | $1,554,000 | $1,945,900 |
Source: Ownwell
Property Tax Bills Across Lexington, Massachusetts
In Lexington, located in Middlesex County, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. Unlike the national median property tax rate of 0.99%, Lexington's property tax system factors in the high median home price of $1,153,000, leading to higher tax bills. The process begins with the town assessing the market value of a property, which is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Lexington can expect to pay between $11,687 at the 25th percentile and $26,000 at the 90th percentile, with the highest median tax bill reaching $15,353 in the 02421 zip code. This substantial tax bill can significantly impact household finances, making it crucial for homeowners to understand the assessment process and explore potential exemptions or appeals. High property taxes in Lexington reflect the town's desirable living conditions and robust public services, but they also place a considerable financial burden on property owners.
Average Lexington Tax Bill
$14,989
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02420 | $8,707 | $11,154 | $14,599 | $20,319 | $26,783 |
| 02421 | $10,257 | $12,038 | $15,353 | $20,202 | $25,297 |
Source: Ownwell