Georgetown, Massachusetts Property Taxes
The median property tax rate in Georgetown, MA is 1.30%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Georgetown at $558,600, the typical annual property tax bill reaches $7,251, exceeding the national median of $2,690. Property taxes in Georgetown 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 Georgetown'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 Georgetown 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
Georgetown, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$7,262
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Massachusetts
Property taxes in Georgetown, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 1.30%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01833 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Georgetown 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 Georgetown Tax Rate
1.30%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01833 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Massachusetts
In Georgetown, 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Georgetown is $558,600, with tax bills ranging from $5,766 at the 25th percentile to $10,966 at the 90th percentile. The highest and lowest median tax bills are both $7,251 in zip code 01833.
Property Tax Assessment Values Across Georgetown, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Georgetown Assessed Value
$558,600
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 Georgetown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01833 | $378,100 | $444,225 | $558,600 | $716,275 | $844,850 |
Source: Ownwell
Property Tax Bills Across Georgetown, Massachusetts
In Georgetown, Essex County, MA, property tax bills are determined based on the assessed value of your home and the local tax rate. The median home price in Georgetown stands at $558,600. Property taxes are calculated by multiplying the assessed value of the property by the local tax rate, which varies by jurisdiction. Factors influencing the assessed value include the property's market value, location, and any improvements or modifications made. For homeowners in Georgetown, the property tax burden can be significant. The 25th percentile tax bill is approximately $5,766, while those in the 75th percentile face around $9,297. The top 10% of homeowners encounter tax bills nearing $10,966. These figures highlight the range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Georgetown's property tax bills can be relatively high, affecting household budgets and financial planning. Understanding these factors can help homeowners anticipate and manage their property tax responsibilities effectively.
Average Georgetown Tax Bill
$7,251
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01833 | $4,908 | $5,766 | $7,251 | $9,297 | $10,966 |
Source: Ownwell