Gloucester, Massachusetts Property Taxes
The median property tax rate in Gloucester, MA is 0.97%, slightly below the national median of 0.99% and significantly lower than the Massachusetts state median of 1.23%. With a median home value of $621,500 in Gloucester, the typical annual property tax bill amounts to $6,047, which is more than double the national median of $2,690. Property taxes in Gloucester are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Gloucester'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 Gloucester 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
Gloucester, 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 Gloucester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gloucester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gloucester 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 Gloucester, Massachusetts
Property taxes in Gloucester, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gloucester is 1.13%, higher than both the Massachusetts state median of 1.23% and the U.S. national median of 0.99%. Local government entities within Gloucester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gloucester 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 Gloucester's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01930 has the highest median property tax rate of 1.13%, while the same zip code 01930 also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Gloucester 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 Gloucester Tax Rate
0.97%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gloucester, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01930 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Gloucester, Massachusetts
In Gloucester, 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 local 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 Gloucester, 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 Gloucester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Gloucester are both $6,047, found in the 01930 zip code.
Property Tax Assessment Values Across Gloucester, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Gloucester Assessed Value
$621,500
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 Gloucester, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01930 | $389,600 | $485,575 | $621,500 | $901,300 | $1,471,550 |
Source: Ownwell
Property Tax Bills Across Gloucester, Massachusetts
In Gloucester, Essex County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Gloucester is $621,500. Property taxes are then applied to this assessed value using the local tax rate. Homeowners in Gloucester experience varying tax bills depending on their property's assessed value and specific exemptions they might qualify for. For instance, the tax bill for the 25th percentile is $4,724, while the 75th percentile sees a tax bill of $8,770. At the 90th percentile, homeowners might pay up to $14,319. The highest and lowest median tax bills in Gloucester are both $6,047, indicating a consistent tax rate across different areas within the city. This is significantly higher than the national median property tax rate of 0.99%, impacting homeowners by requiring a substantial annual financial commitment. Understanding these factors can help homeowners better anticipate their tax obligations and manage their finances accordingly.
Average Gloucester Tax Bill
$6,047
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Gloucester, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01930 | $3,791 | $4,724 | $6,047 | $8,770 | $14,319 |
Source: Ownwell