New Bedford, Massachusetts Property Taxes
The median property tax rate in New Bedford, MA is 1.43%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in New Bedford at $297,400, the typical annual property tax bill reaches $4,248, exceeding the national median of $2,690. Property taxes in New Bedford 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 New Bedford'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 New Bedford 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
New Bedford, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$4,253
$3,946
Ownwell's New Bedford Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Bedford with ease. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in New Bedford to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value, determined by Bristol County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across New Bedford, Massachusetts
Property taxes in New Bedford, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Bedford is 1.43%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within New Bedford set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Bedford 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 New Bedford's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02745 zip code has the highest median property tax rate of 1.43%, while the 02746 zip code has the lowest median tax rate of 1.43%. Understanding how these cities compare with New Bedford 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 New Bedford Tax Rate
1.43%
Average Bristol County Tax Rate
1.27%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Bedford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02740 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
| 02744 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
| 02745 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
| 02746 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across New Bedford, Massachusetts
In New Bedford, 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. 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. In New Bedford, the highest median tax bill is $4,408 in the 02745 zip code, while the lowest median tax bill is $4,094 in the 02740 zip code. 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 New Bedford, Massachusetts
Source: Ownwell
$270,400
$556,350
$842,300
Average New Bedford Assessed Value
$297,400
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 New Bedford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02740 | $218,610 | $248,800 | $286,700 | $333,600 | $388,700 |
| 02744 | $229,500 | $263,350 | $300,500 | $339,950 | $383,980 |
| 02745 | $225,400 | $266,600 | $308,500 | $354,100 | $407,770 |
| 02746 | $214,200 | $259,300 | $301,850 | $332,850 | $374,900 |
Source: Ownwell
Property Tax Bills Across New Bedford, Massachusetts
In New Bedford, property tax bills are determined by multiplying the assessed value of a property by the local tax rate set by Bristol County. The assessed value is an estimate of the property's market value, which is periodically updated to reflect current market conditions. Several factors influence this assessed value, including the property's size, age, location, and the current real estate market trends in the area. For homeowners in New Bedford, the median home price is $297,400. The tax bills can vary significantly, with the 25th percentile at $3,661 and the 75th percentile at $4,901. Homeowners in the highest median tax bill zip code, 02745, pay around $4,408, while those in the lowest median tax bill zip code, 02740, pay about $4,094. These tax bills are higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. This can significantly impact homeowners' annual expenses, making it crucial to understand and potentially appeal property assessments to ensure fair taxation.
Average New Bedford Tax Bill
$4,248
Average Bristol County Tax Bill
$4,707
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across New Bedford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02740 | $3,124 | $3,552 | $4,094 | $4,763 | $5,555 |
| 02744 | $3,264 | $3,761 | $4,293 | $4,858 | $5,487 |
| 02745 | $3,221 | $3,808 | $4,408 | $5,060 | $5,825 |
| 02746 | $3,061 | $3,704 | $4,313 | $4,754 | $5,357 |
Source: Ownwell