Oak Bluffs, Massachusetts Property Taxes
The median property tax rate in Oak Bluffs, MA is 0.53%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Oak Bluffs at $989,450, the typical annual property tax bill reaches $5,224, which is significantly higher than the national median of $2,690. Property taxes in Oak Bluffs 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 Oak Bluffs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oak Bluffs 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
Oak Bluffs, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$5,244
Ownwell’s Oak Bluffs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Bluffs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Bluffs 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 Oak Bluffs, Massachusetts
Property taxes in Oak Bluffs, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Bluffs is 0.53%, significantly lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Oak Bluffs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Bluffs 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 Oak Bluffs' effective property tax rate to other areas in Massachusetts and the national median. For comparison, the zip code 02557 has both the highest and lowest median property tax rate of 0.53%, making it representative of the median rate for Oak Bluffs. Understanding how these rates compare with Oak Bluffs 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 Oak Bluffs Tax Rate
0.53%
Average Dukes County Tax Rate
0.53%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Bluffs, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02557 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Oak Bluffs, Massachusetts
In Oak Bluffs, 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 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 in Oak Bluffs 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 Oak Bluffs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $5,224 in zip code 02557.
Property Tax Assessment Values Across Oak Bluffs, Massachusetts
Source: Ownwell
$771,450
$1,142,800
$1,514,150
Average Oak Bluffs Assessed Value
$989,450
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 Oak Bluffs, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02557 | $677,370 | $800,225 | $989,450 | $1,319,575 | $1,983,620 |
Source: Ownwell
Property Tax Bills Across Oak Bluffs, Massachusetts
In Oak Bluffs, 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 town's assessor and reflects the market value of the property. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and condition. For homeowners in Oak Bluffs, the tax burden can vary significantly. The median home price in Oak Bluffs is $989,450. Homeowners in the 25th percentile can expect to pay around $4,225 annually, while those in the 75th percentile may see bills closer to $6,968. At the 90th percentile, tax bills can reach as high as $10,474. Compared to the national median property tax rate of 0.99%, Oak Bluffs homeowners face relatively high property tax bills, reflecting the higher property values in the area. This financial obligation is a crucial consideration for current and prospective homeowners in Oak Bluffs, impacting overall affordability and long-term financial planning.
Average Oak Bluffs Tax Bill
$5,224
Average Dukes County Tax Bill
$5,248
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Bluffs, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02557 | $3,580 | $4,225 | $5,224 | $6,968 | $10,474 |
Source: Ownwell