Truro, Massachusetts Property Taxes
The median property tax rate in 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 Truro, the typical annual property tax bill reaches $5,459, exceeding the national median of $2,690. Property taxes in 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 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 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
Truro, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$5,466
$5,072
Ownwell’s Truro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Truro, Massachusetts
Property taxes in Truro, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Truro is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Truro set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Truro's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02666 zip code has the median property tax rate of 0.60%. Understanding how these cities compare with 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 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 Truro, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02666 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Truro, Massachusetts
In 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 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. 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 Truro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 02666 in Truro has a median tax bill of $5,459, reflecting the local property values and tax rates.
Property Tax Assessment Values Across Truro, Massachusetts
Source: Ownwell
$390,350
$1,067,975
$1,745,600
Average Truro Assessed Value
$911,000
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 Truro, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02666 | $408,600 | $636,600 | $911,000 | $1,341,800 | $1,893,200 |
Source: Ownwell
Property Tax Bills Across Truro, Massachusetts
In Truro, located in Barnstable County, MA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Truro is approximately $911,000, and the property tax rate is applied to this value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is around $3,813, while the 75th percentile tax bill reaches up to $8,037. At the 90th percentile, homeowners might see tax bills as high as $11,340. The highest and lowest median tax bill in Truro both stand at $5,459, which is above the national median property tax rate of 0.99%. This means homeowners in Truro may face higher property taxes compared to the national average, impacting their annual financial planning and potentially influencing decisions about property investments and homeownership.
Average Truro Tax Bill
$5,459
Average Barnstable County Tax Bill
$4,094
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Truro, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02666 | $2,451 | $3,813 | $5,459 | $8,037 | $11,340 |
Source: Ownwell