Woods Hole, Massachusetts Property Taxes
The median property tax rate in Woods Hole, MA is 0.69%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Woods Hole, the typical annual property tax bill reaches $5,904, exceeding the national median of $2,690. Property taxes in Woods Hole 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 Woods Hole'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 Woods Hole 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
Woods Hole, 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 Woods Hole Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woods Hole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woods Hole 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 Woods Hole, Massachusetts
Property taxes in Woods Hole, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woods Hole is 0.69%, which is lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Woods Hole set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woods Hole 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. Understanding how Woods Hole's effective property tax rate compares to other areas in Barnstable County and the national median provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woods Hole Tax Rate
0.69%
Average Barnstable County Tax Rate
0.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woods Hole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02543 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Woods Hole, Massachusetts
In Woods Hole, 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 Woods Hole, 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 Woods Hole is $853,200, with tax bills ranging from $4,464 at the 25th percentile to $24,624 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Woods Hole, Massachusetts
Source: Ownwell
$390,350
$1,067,975
$1,745,600
Average Woods Hole Assessed Value
$853,200
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 Woods Hole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02543 | $526,740 | $645,150 | $853,200 | $1,371,400 | $3,558,400 |
Source: Ownwell
Property Tax Bills Across Woods Hole, Massachusetts
In Woods Hole, located in Barnstable County, MA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, the median home price in Woods Hole is $853,200. Given this value, homeowners can expect varying tax bills depending on their property's specific assessment. Factors such as property size, location, and market conditions are considered in the assessment process. In Woods Hole, the 25th percentile tax bill is approximately $4,464, while the 75th percentile tax bill reaches around $9,490. At the higher end, the 90th percentile tax bill can soar to $24,624. These figures illustrate how property taxes can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Woods Hole Tax Bill
$5,904
Average Barnstable County Tax Bill
$4,094
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Woods Hole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02543 | $3,645 | $4,464 | $5,904 | $9,490 | $24,624 |
Source: Ownwell