North Truro, Massachusetts Property Taxes
The median property tax rate in North Truro, MA is 0.60%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in North Truro at $1,228,800, the typical annual property tax bill reaches $7,361, significantly exceeding the national median of $2,690. Property taxes in North Truro 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 North Truro'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 North Truro 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
North Truro, 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 North Truro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Truro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Truro 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 North Truro, Massachusetts
Property taxes in North Truro, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Truro is 0.60%, significantly lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within North Truro set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Truro 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 North Truro's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 02652 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with North Truro provides valuable insights into the varying tax landscape across Barnstable County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Truro Tax Rate
0.60%
Average Barnstable County Tax Rate
0.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Truro, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02652 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across North Truro, Massachusetts
In North Truro, 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 Barnstable 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 North Truro, 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. The median home price in North Truro is $1,228,800, with the median tax bill being $7,361. 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 North Truro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Truro, Massachusetts
Source: Ownwell
$390,350
$1,067,975
$1,745,600
Average North Truro Assessed Value
$1,228,800
Average Barnstable County Assessed Value
$556,400
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Truro, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02652 | $1,228,800 | $1,228,800 | $1,228,800 | $1,228,800 | $1,228,800 |
Source: Ownwell
Property Tax Bills Across North Truro, Massachusetts
In North Truro, located in Barnstable County, MA, property tax bills are calculated based on the assessed value of the 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. For a median home price of $1,228,800, the tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In North Truro, the tax bill for the 25th, 75th, and 90th percentiles all stand at $7,361, indicating a consistent tax rate across various property values. This amount is significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values in the area. For homeowners, this means a substantial annual expense, which can impact their overall financial planning. Understanding how these taxes are calculated helps homeowners anticipate and manage their property-related costs effectively.
Average North Truro Tax Bill
$7,361
Average Barnstable County Tax Bill
$4,094
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across North Truro, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02652 | $7,361 | $7,361 | $7,361 | $7,361 | $7,361 |
Source: Ownwell