Waltham, Massachusetts Property Taxes
The median property tax rate in Waltham, MA is 1.00%, 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 $583,400, the typical annual property tax bill reaches $5,816, 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 exemptions like the primary residence exemption. 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
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waltham is 1.00%, slightly above 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 02452 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Waltham 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 Waltham Tax Rate
1.00%
Average Norfolk County Tax Rate
1.18%
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 |
|---|---|---|---|---|---|
| 02452 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
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 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 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. The highest and lowest median tax bills in Waltham are both $5,816, located in the 02452 zip code.
Property Tax Assessment Values Across Waltham, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Waltham Assessed Value
$583,400
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 Waltham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02452 | $583,400 | $583,400 | $583,400 | $583,400 | $583,400 |
Source: Ownwell
Property Tax Bills Across Waltham, Massachusetts
In Waltham, located in 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 an estimate of the property's market value, which is periodically updated to reflect changes in the real estate market. Factors such as property size, location, and improvements can influence this value. The current median home price in Waltham is $583,400, which significantly impacts the tax bills. Homeowners in Waltham face a median property tax bill of $5,816, which is notably higher than the national median property tax rate of 0.99%. This higher tax bill can be attributed to the region's higher property values. For homeowners, this means that owning a property in Waltham comes with a substantial annual tax obligation, which can affect overall housing affordability. Understanding how these factors interplay is crucial for homeowners planning their finances and potential buyers considering the long-term costs of property ownership in the area.
Average Waltham Tax Bill
$5,816
Average Norfolk County Tax Bill
$7,156
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 |
|---|---|---|---|---|---|
| 02452 | $5,816 | $5,816 | $5,816 | $5,816 | $5,816 |
Source: Ownwell