Needham Heights, Massachusetts Property Taxes
The median property tax rate in Needham Heights, 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 Needham Heights at $832,800, the typical annual property tax bill reaches $10,860, exceeding the national median of $2,690. Property taxes in Needham Heights 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 Needham Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Needham Heights 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
Needham Heights, 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 Needham Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Needham Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Needham Heights 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 Needham Heights, Massachusetts
Property taxes in Needham Heights, Massachusetts, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Needham Heights is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Needham Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Needham Heights 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 Needham Heights' effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02494 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 Needham Heights 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 Needham Heights Tax Rate
1.30%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Needham Heights, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02494 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Needham Heights, Massachusetts
In Needham Heights, 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 Needham Heights, 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 Needham Heights 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, both at $10,860, are found in the 02494 zip code.
Property Tax Assessment Values Across Needham Heights, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Needham Heights Assessed Value
$832,800
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 Needham Heights, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02494 | $550,920 | $682,100 | $832,800 | $1,055,650 | $1,418,140 |
Source: Ownwell
Property Tax Bills Across Needham Heights, Massachusetts
In Needham Heights, Norfolk County, MA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on various factors, including the property's market value, location, and any improvements made. For instance, with a median home price of $832,800, homeowners can expect a significant tax bill. The 25th percentile tax bill is around $8,894, while the 75th percentile reaches $13,766. At the higher end, the 90th percentile tax bill can soar to $18,493. These figures indicate that property taxes in Needham Heights are considerably higher than the national median property tax rate of 0.99%. Such high property taxes can impact homeowners by increasing their annual financial obligations, making budgeting more challenging. However, these taxes also contribute to essential public services, including schools, infrastructure, and emergency services, thereby enhancing the overall quality of life in the community.
Average Needham Heights Tax Bill
$10,860
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Needham Heights, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02494 | $7,184 | $8,894 | $10,860 | $13,766 | $18,493 |
Source: Ownwell