North Reading, Massachusetts Property Taxes
The median property tax rate in North Reading, MA is 1.40%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in North Reading at $624,600, the typical annual property tax bill reaches $8,738, exceeding the national median of $2,690. Property taxes in North Reading 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 North Reading'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 Reading 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 Reading, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$8,744
Ownwell’s North Reading Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Reading with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Reading 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 Reading, Massachusetts
Property taxes in North Reading, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Reading is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Reading 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 Reading's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01864 zip code has the highest median property tax rate of 1.40%, while the 01864 zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with North Reading 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 North Reading Tax Rate
1.40%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Reading, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01864 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across North Reading, Massachusetts
In North Reading, 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 local 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 Reading, 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 North Reading helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $624,600, with tax bills ranging from $7,019 at the 25th percentile to $14,560 at the 90th percentile. The zip code 01864 has the highest and lowest median tax bill at $8,738.
Property Tax Assessment Values Across North Reading, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average North Reading Assessed Value
$624,600
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 North Reading, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01864 | $396,000 | $501,700 | $624,600 | $831,550 | $1,040,720 |
Source: Ownwell
Property Tax Bills Across North Reading, Massachusetts
In North Reading, Middlesex 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 local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the town's property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, condition, and recent sales of similar properties in the area. Homeowners in North Reading can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is around $7,019, while the 75th percentile reaches $11,634. At the 90th percentile, tax bills can soar to $14,560. Compared to the national median property tax rate of 0.99%, North Reading's property taxes are relatively high, reflecting the area's higher median home price of $624,600. These property taxes significantly impact homeowners, contributing to the cost of homeownership and influencing decisions about buying or selling property in the region.
Average North Reading Tax Bill
$8,738
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across North Reading, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01864 | $5,540 | $7,019 | $8,738 | $11,634 | $14,560 |
Source: Ownwell