Assonet, Massachusetts Property Taxes
The median property tax rate in Assonet, MA is 1.07%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With a median home value of $445,400 in Assonet, the typical annual property tax bill reaches $4,773, significantly exceeding the national median of $2,690. Property taxes in Assonet are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Assonet's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Assonet or another part of Bristol County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Assonet, 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 Assonet Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Assonet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Assonet 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 Bristol County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Assonet, Massachusetts
Property taxes in Assonet, Massachusetts, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Assonet is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Assonet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Assonet 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 Assonet's effective property tax rate to other areas in Bristol County and the national median. For comparison, the 02702 ZIP code has the highest median property tax rate of 1.07%, while the same ZIP code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Assonet provides valuable insights into the varying tax landscape across Bristol County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Assonet Tax Rate
1.07%
Average Bristol County Tax Rate
1.27%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Assonet, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02702 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Assonet, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Assonet, Bristol County, Massachusetts. 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 local authorities 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. 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 Assonet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Assonet are both $4,773, associated with the zip code 02702.
Average Assonet Assessed Value
$445,400
Average Bristol County Assessed Value
$384,800
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Assonet, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02702 | $330,220 | $380,000 | $445,400 | $523,475 | $644,010 |
Source: Ownwell
Property Tax Bills Across Assonet, Massachusetts
In Assonet, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor’s office, which evaluates the property’s market value. The tax rate in Assonet is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, age, location, and any improvements made. Homeowners in Assonet can expect property tax bills that vary significantly. For example, the tax bill at the 25th percentile is $4,074, while those at the 75th percentile reach $5,605. At the 90th percentile, the tax bill can be as high as $6,905. The highest median tax bill in the area is $4,773, which is notably higher than the national median property tax rate of 0.99%. This variation affects homeowners differently, depending on their property's assessed value, leading to higher or lower annual tax obligations.
Average Assonet Tax Bill
$4,773
Average Bristol County Tax Bill
$4,707
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Assonet, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02702 | $3,575 | $4,074 | $4,773 | $5,605 | $6,905 |
Source: Ownwell