Norfolk, Massachusetts Property Taxes
The median property tax rate in Norfolk, MA is 1.56%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Norfolk at $628,100, the typical annual property tax bill reaches $9,780, far exceeding the national median of $2,690. Property taxes in Norfolk 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 Norfolk'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 Norfolk 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
Norfolk, 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 Norfolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norfolk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norfolk 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 Norfolk, Massachusetts
Property taxes in Norfolk, MA, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norfolk is 1.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norfolk 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 Norfolk's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02056 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Norfolk 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 Norfolk Tax Rate
1.56%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfolk, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02056 | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Norfolk, Massachusetts
In Norfolk, 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 Norfolk, 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 Norfolk is $628,100, with tax bills ranging from $8,126 at the 25th percentile to $15,145 at the 90th percentile. The zip code 02056 has the highest and lowest median tax bill, both at $9,780. Being aware of these valuation processes in Norfolk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Norfolk, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Norfolk Assessed Value
$628,100
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 Norfolk, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02056 | $420,340 | $521,900 | $628,100 | $768,900 | $972,680 |
Source: Ownwell
Property Tax Bills Across Norfolk, Massachusetts
In Norfolk County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, which in Norfolk County has a median home price of $628,100. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Norfolk County can expect significant variability in their tax bills. For instance, the 25th percentile tax bill is $8,126, while the 75th percentile reaches $11,972, and the 90th percentile can go up to $15,145. These tax bills can have a substantial impact on homeowners, affecting their monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Norfolk County's rates can lead to higher-than-average tax bills, reflecting the area's higher property values and local tax policies.
Average Norfolk Tax Bill
$9,780
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfolk, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02056 | $6,545 | $8,126 | $9,780 | $11,972 | $15,145 |
Source: Ownwell