Andover, Massachusetts Property Taxes
The median property tax rate in Andover, MA is 1.37%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Andover at $740,000, the typical annual property tax bill reaches $10,111, exceeding the national median of $2,690. Property taxes in Andover 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 Andover'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 Andover 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
Andover, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$10,138
$9,408
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, Massachusetts
Property taxes in Andover, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01810 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Andover provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
1.37%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01810 | 1.37% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Massachusetts
In Andover, 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 Essex 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01810 has both the highest and lowest median tax bill of $10,111.
Property Tax Assessment Values Across Andover, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Andover Assessed Value
$740,000
Average Essex County Assessed Value
$545,500
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01810 | $336,000 | $592,325 | $740,000 | $924,500 | $1,162,050 |
Source: Ownwell
Property Tax Bills Across Andover, Massachusetts
In Andover, located in Essex County, MA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $740,000, homeowners can expect varying tax bills depending on the specific assessment of their property. Factors such as property size, location, and improvements significantly influence the assessed value. This means that even within the same city, tax bills can differ widely. For instance, the 25th percentile tax bill in Andover is $8,092, while the 75th percentile tax bill is $12,633, and the 90th percentile reaches $15,874. These property taxes play a critical role in funding local services such as schools, public safety, and infrastructure. Homeowners in Andover should be aware that their property taxes may be higher than the national median property tax rate of 0.99%, reflecting the higher property values in the area.
Average Andover Tax Bill
$10,111
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01810 | $4,577 | $8,092 | $10,111 | $12,633 | $15,874 |
Source: Ownwell