Fall River, Massachusetts Property Taxes
The median property tax rate in Fall River, MA is 1.23%, considerably higher than the national median of 0.99%. With the median home value in Fall River at $322,400, the typical annual property tax bill reaches $3,956, exceeding the national median of $2,690. Property taxes in Fall River are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence exemption. Understanding Fall River'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 Fall River 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
Fall River, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$3,966
$3,680
Ownwell’s Fall River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fall River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fall River 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 Fall River, Massachusetts
Property taxes in Fall River, Massachusetts, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fall River is 1.23%, which is higher than the U.S. national median of 0.99%. Local government entities within Fall River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fall River 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 Fall River's effective property tax rate to other areas and the national median. For comparison, the zip code 02720 has the highest median property tax rate of 1.23%, while the zip code 02722 has the lowest median tax rate of 1.23%. Understanding how these areas compare with Fall River 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 Fall River Tax Rate
1.23%
Average Bristol County Tax Rate
1.27%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fall River, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02720 | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
| 02721 | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
| 02722 | 1.20% | 1.23% | 1.23% | 1.23% | 1.23% |
| 02723 | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
| 02724 | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Fall River, Massachusetts
In Fall River, 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 Bristol 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 Fall River, 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. For example, the highest median tax bill in Fall River is $4,463 in the 02722 zip code, while the lowest median tax bill is $3,863 in the 02723 zip code. 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 Fall River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fall River, Massachusetts
Source: Ownwell
$270,400
$556,350
$842,300
Average Fall River Assessed Value
$322,400
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 Fall River, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02720 | $209,540 | $271,500 | $327,800 | $394,000 | $474,900 |
| 02721 | $236,070 | $270,300 | $323,250 | $372,400 | $424,420 |
| 02722 | $213,500 | $245,934 | $363,700 | $444,650 | $501,700 |
| 02723 | $236,660 | $267,800 | $314,800 | $365,900 | $425,740 |
| 02724 | $242,080 | $274,050 | $319,100 | $374,450 | $431,300 |
Source: Ownwell
Property Tax Bills Across Fall River, Massachusetts
In Fall River, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Bristol County. The assessed value is determined by the city's assessor and reflects the market value of the property. Homeowners in Fall River can expect their tax bills to vary significantly, with the 25th percentile tax bill around $3,325 and the 75th percentile reaching approximately $4,654. For those in the 90th percentile, tax bills can soar to $5,460, indicating a wide range of property values and tax burdens within the city. The highest median tax bill in Fall River is $4,463 in the 02722 zip code, while the lowest median tax bill is $3,863 in the 02723 zip code. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and property values. Homeowners must consider these factors when budgeting for their annual expenses, as property taxes can significantly impact their financial planning.
Average Fall River Tax Bill
$3,956
Average Bristol County Tax Bill
$4,707
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Fall River, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02720 | $2,571 | $3,332 | $4,022 | $4,834 | $5,827 |
| 02721 | $2,897 | $3,317 | $3,966 | $4,569 | $5,208 |
| 02722 | $2,620 | $2,859 | $4,463 | $5,456 | $6,156 |
| 02723 | $2,904 | $3,286 | $3,863 | $4,490 | $5,224 |
| 02724 | $2,970 | $3,362 | $3,915 | $4,594 | $5,292 |
Source: Ownwell