Waltham, Massachusetts Property Taxes
The median property tax rate in Waltham, MA is 1.03%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With the median home value in Waltham at $641,700, the typical annual property tax bill reaches $6,622, significantly exceeding the national median of $2,690. Property taxes in Waltham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence exemptions. Understanding Waltham'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 Waltham 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
Waltham, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$6,610
Ownwell’s Waltham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waltham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waltham 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 Waltham, Massachusetts
Property taxes in Waltham, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waltham is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Waltham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waltham 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 Waltham's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02454 zip code has the highest median property tax rate of 1.03%, while the 02451 zip code has the lowest median tax rate of 1.03%. Understanding how these cities compare with Waltham 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 Waltham Tax Rate
1.03%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waltham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02451 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| 02452 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| 02453 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| 02454 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Waltham, Massachusetts
In Waltham, 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 Waltham, 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 Waltham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $8,306 in zip code 02454, while the lowest is $6,382 in zip code 02451.
Property Tax Assessment Values Across Waltham, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Waltham Assessed Value
$641,700
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 Waltham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02451 | $456,000 | $527,900 | $618,400 | $730,400 | $864,150 |
| 02452 | $358,600 | $568,600 | $658,000 | $770,500 | $974,940 |
| 02453 | $414,700 | $555,900 | $650,700 | $745,050 | $843,480 |
| 02454 | $804,800 | $804,800 | $804,800 | $804,800 | $804,800 |
Source: Ownwell
Property Tax Bills Across Waltham, Massachusetts
In Waltham, located in 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, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Waltham can expect varying tax bills depending on these factors. For instance, the median home price in Waltham is $641,700, leading to a typical tax bill. The tax bill for the 25th percentile is around $5,641, while the 75th percentile sees bills closer to $7,700. At the higher end, the 90th percentile tax bill can reach approximately $9,027. These property tax bills significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, Waltham's property taxes reflect the city's higher property values and local tax rates.
Average Waltham Tax Bill
$6,622
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Waltham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02451 | $4,706 | $5,448 | $6,382 | $7,538 | $8,923 |
| 02452 | $3,701 | $5,868 | $6,792 | $7,956 | $10,061 |
| 02453 | $4,280 | $5,734 | $6,718 | $7,694 | $8,708 |
| 02454 | $8,306 | $8,306 | $8,306 | $8,306 | $8,306 |
Source: Ownwell