Vineyard Haven, Massachusetts Property Taxes
The median property tax rate in Vineyard Haven, MA is 0.73%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Vineyard Haven at $1,141,600, the typical annual property tax bill reaches $6,450, significantly exceeding the national median of $2,690. Property taxes in Vineyard Haven 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 Vineyard Haven'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 Vineyard Haven 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
Vineyard Haven, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Vineyard Haven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vineyard Haven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vineyard Haven 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 Vineyard Haven, Massachusetts
Property taxes in Vineyard Haven, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vineyard Haven is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Vineyard Haven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vineyard Haven 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 Vineyard Haven's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 02568 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Vineyard Haven 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 Vineyard Haven Tax Rate
0.73%
Average Dukes County Tax Rate
0.53%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vineyard Haven, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02568 | 0.43% | 0.43% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Vineyard Haven, Massachusetts
In Vineyard Haven, 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 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 Vineyard Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 02568 has both the highest and lowest median tax bill, at $6,450.
Property Tax Assessment Values Across Vineyard Haven, Massachusetts
Source: Ownwell
$771,450
$1,142,800
$1,514,150
Average Vineyard Haven Assessed Value
$1,141,600
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 Vineyard Haven, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02568 | $675,400 | $841,600 | $1,141,600 | $1,646,350 | $2,717,640 |
Source: Ownwell
Property Tax Bills Across Vineyard Haven, Massachusetts
In Vineyard Haven, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in this area is $1,141,600, which significantly influences the overall tax bill. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Factors such as property size, location, and market conditions also play a role in the assessment. Homeowners in Vineyard Haven experience varying tax bills, with the 25th percentile paying around $5,135 and the 75th percentile paying up to $9,368. Those in the 90th percentile may see tax bills as high as $16,225. This range shows the substantial impact property values have on taxes. The median tax bill in Vineyard Haven stands at $6,450, which is higher than the national median property tax rate of 0.99%. High property taxes can affect homeowners by increasing the overall cost of homeownership, making budgeting and financial planning crucial.
Average Vineyard Haven Tax Bill
$6,450
Average Dukes County Tax Bill
$5,248
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Vineyard Haven, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02568 | $4,227 | $5,135 | $6,450 | $9,368 | $16,225 |
Source: Ownwell