Edgartown, Massachusetts Property Taxes
The median property tax rate in Edgartown, MA is 0.25%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Edgartown at $1,303,400, the typical annual property tax bill reaches $3,372, exceeding the national median of $2,690. Property taxes in Edgartown 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 Edgartown'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 Edgartown 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
Edgartown, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.25%
Estimate Property Tax Bill
$3,259
$3,024
Ownwell’s Edgartown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgartown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgartown 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 Edgartown, Massachusetts
Property taxes in Edgartown, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgartown is 0.25%, which is significantly lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Edgartown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgartown 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 Edgartown's effective property tax rate to other areas in Dukes County and the national median. Understanding how Edgartown compares with other cities 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 Edgartown Tax Rate
0.25%
Average Dukes County Tax Rate
0.53%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgartown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02539 | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
Source: Ownwell
Property Tax Assessment Values Across Edgartown, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Edgartown, 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 the Dukes 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 Edgartown, 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 Edgartown is $1,303,400, with tax bills ranging from $2,331 at the 25th percentile to $9,870 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 Edgartown, Massachusetts
Source: Ownwell
$771,450
$1,142,800
$1,514,150
Average Edgartown Assessed Value
$1,303,400
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 Edgartown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02539 | $702,000 | $914,475 | $1,303,400 | $2,115,750 | $3,793,380 |
Source: Ownwell
Property Tax Bills Across Edgartown, Massachusetts
In Edgartown, located in Dukes County, MA, property tax bills are calculated based on the assessed value of a home. The assessment process involves determining the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $1,303,400, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $2,331, whereas at the 75th percentile, they can reach up to $5,589. For those in the 90th percentile, tax bills can be as high as $9,870. The median tax bill in Edgartown aligns with the highest and lowest median tax bills recorded in the area, both at $3,372. This variation in tax bills is influenced by factors such as property size, location, and improvements. Understanding these elements is crucial for homeowners as they plan their finances and consider the long-term costs of property ownership.
Average Edgartown Tax Bill
$3,372
Average Dukes County Tax Bill
$5,248
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgartown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02539 | $1,778 | $2,331 | $3,372 | $5,589 | $9,870 |
Source: Ownwell