Medway, Massachusetts Property Taxes
The median property tax rate in Medway, MA is 1.59%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Medway, the typical annual property tax bill reaches $8,051, exceeding the national median of $2,690. Property taxes in Medway 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 Medway'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 Medway 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
Medway, 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 Medway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medway 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 Medway, Massachusetts
Property taxes in Medway, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medway is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within Medway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medway 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 Medway's effective property tax rate to other areas and the national median. For comparison, the zip code 02053 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these figures compare with Medway provides valuable insights into the varying tax landscape across Norfolk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medway Tax Rate
1.59%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medway, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02053 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Medway, Massachusetts
In Medway, 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 Norfolk 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 Medway, 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 Medway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $8,051, found in zip code 02053.
Property Tax Assessment Values Across Medway, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Medway Assessed Value
$505,100
Average Norfolk County Assessed Value
$592,100
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medway, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02053 | $363,000 | $416,800 | $505,100 | $616,350 | $723,480 |
Source: Ownwell
Property Tax Bills Across Medway, Massachusetts
In Medway, Norfolk 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. Homeowners in Medway face property tax bills that are influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions. The median home price in Medway is $505,100, which significantly impacts the tax bill. For instance, the 25th percentile tax bill is $6,644, while the 75th percentile tax bill reaches $9,824. At the 90th percentile, homeowners can expect to pay around $11,533. These figures highlight the variability in tax bills based on property values and other considerations. Compared to the national median property tax rate of 0.99%, Medway's tax bills are relatively high, reflecting the town’s assessed property values and tax rates. This has a substantial effect on homeowners, influencing their overall housing costs and financial planning.
Average Medway Tax Bill
$8,051
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Medway, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02053 | $5,786 | $6,644 | $8,051 | $9,824 | $11,533 |
Source: Ownwell