Newton Lower Falls, Massachusetts Property Taxes
The median property tax rate in Newton Lower Falls, MA is 1.02%, which is higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $968,400, the typical annual property tax bill in Newton Lower Falls reaches $9,858, significantly exceeding the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences. Understanding Newton Lower Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Newton Lower Falls 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
Newton Lower Falls, 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 Newton Lower Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newton Lower Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newton Lower Falls 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 Newton Lower Falls, Massachusetts
Property taxes in Newton Lower Falls, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newton Lower Falls is 1.02%, which is higher than the national median of 0.99%. Local government entities within Newton Lower Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newton Lower Falls 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 Newton Lower Falls' effective property tax rate to other areas within Middlesex County and the national median. For comparison, the zip code 02462 has both the highest and lowest median property tax rate of 1.02%. Understanding how these areas compare with Newton Lower Falls 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 Newton Lower Falls Tax Rate
1.02%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newton Lower Falls, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02462 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Newton Lower Falls, Massachusetts
In Newton Lower Falls, 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 Newton Lower Falls, 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. The median home price in Newton Lower Falls is $968,400, with tax bills ranging from $8,116 at the 25th percentile to $15,640 at the 90th percentile. The zip code 02462 has both the highest and lowest median tax bill, valued at $9,858. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Newton Lower Falls, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Newton Lower Falls Assessed Value
$968,400
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 Newton Lower Falls, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02462 | $656,900 | $797,200 | $968,400 | $1,223,600 | $1,536,300 |
Source: Ownwell
Property Tax Bills Across Newton Lower Falls, Massachusetts
In Newton Lower Falls, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Middlesex County, where Newton Lower Falls is located, see their tax bills influenced by several factors, including the market value of their property and any applicable exemptions. The median home price in this area is $968,400, which significantly impacts the tax bill. For instance, homeowners at the 25th percentile pay around $8,116, while those at the 75th percentile face bills of approximately $12,456. At the 90th percentile, tax bills can reach up to $15,640. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values in this affluent region. The highest and lowest median tax bills in Newton Lower Falls are both reported at $9,858, indicating a relatively uniform distribution of tax responsibilities. This system ensures that homeowners contribute fairly based on their property's assessed value, maintaining essential public services and infrastructure.
Average Newton Lower Falls Tax Bill
$9,858
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Newton Lower Falls, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02462 | $6,687 | $8,116 | $9,858 | $12,456 | $15,640 |
Source: Ownwell