Chilmark, Massachusetts Property Taxes
The median property tax rate in Chilmark, MA is 0.26%, significantly lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Chilmark at $1,485,500, the typical annual property tax bill reaches $4,325, surpassing the national median of $2,690. Property taxes in Chilmark are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chilmark'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 Chilmark 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
Chilmark, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$3,862
Ownwell’s Chilmark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chilmark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chilmark 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 Chilmark, Massachusetts
Property taxes in Chilmark, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chilmark is 0.26%, significantly lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Chilmark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chilmark 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 Chilmark's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the highest median property tax rate in the region is 1.38%, while the lowest median tax rate is 0.26%. Understanding how these cities compare with Chilmark provides valuable insights into the varying tax landscape across Dukes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chilmark Tax Rate
0.26%
Average Dukes County Tax Rate
0.53%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chilmark, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02535 | 0.26% | 0.26% | 0.26% | 0.26% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Chilmark, Massachusetts
In Chilmark, 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 Dukes County Assessor 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 Chilmark, 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 Chilmark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Chilmark is 02535, with a median tax bill of $4,325.
Property Tax Assessment Values Across Chilmark, Massachusetts
Source: Ownwell
$771,450
$1,142,800
$1,514,150
Average Chilmark Assessed Value
$1,485,500
Average Dukes County Assessed Value
$1,154,150
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chilmark, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02535 | $690,040 | $954,650 | $1,485,500 | $2,559,450 | $4,276,140 |
Source: Ownwell
Property Tax Bills Across Chilmark, Massachusetts
Property tax bills in Chilmark, Dukes County, MA, are calculated based on the assessed value of a property and the local tax rate. The median home price in Chilmark is $1,485,500, which significantly influences the tax bill. Factors such as property size, location, and improvements also play a crucial role in determining the assessed value. Once the property is assessed, the tax rate is applied to this value to calculate the annual tax bill. For homeowners in Chilmark, the property tax bill can vary widely. For instance, those in the 25th percentile can expect to pay around $2,612, while those in the 75th percentile might see bills as high as $7,876. At the 90th percentile, the tax bill can reach up to $12,961. This variability means that property taxes can have a significant impact on household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations more accurately.
Average Chilmark Tax Bill
$4,325
Average Dukes County Tax Bill
$5,248
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Chilmark, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02535 | $1,890 | $2,612 | $4,325 | $7,876 | $12,961 |
Source: Ownwell