Hathorne, Massachusetts Property Taxes
The median property tax rate in Hathorne, MA is 1.17%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Hathorne, the typical annual property tax bill reaches $4,103, exceeding the national median of $2,690. Property taxes in Hathorne 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 Hathorne'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 Hathorne 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
Hathorne, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$4,086
$3,791
Ownwell’s Hathorne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hathorne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hathorne 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 Hathorne, Massachusetts
Property taxes in Hathorne, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hathorne is 1.17%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Hathorne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hathorne 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 Hathorne's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01937 zip code has both the highest and lowest median property tax rate of 1.17%. Understanding how these cities compare with Hathorne 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 Hathorne Tax Rate
1.17%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hathorne, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01937 | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Hathorne, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hathorne, Essex County, Massachusetts. 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 local authorities 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 Hathorne 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. The median home price in Hathorne is $349,200, and the median property tax bill is $4,103. Interestingly, both the highest and lowest median tax bills are the same, $4,103, in the zip code 01937. 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 Hathorne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hathorne, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Hathorne Assessed Value
$349,200
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 Hathorne, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01937 | $349,200 | $349,200 | $349,200 | $349,200 | $349,200 |
Source: Ownwell
Property Tax Bills Across Hathorne, Massachusetts
In Hathorne, Essex County, MA, 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 local assessor's office, which evaluates the property's market value. This value is then multiplied by the tax rate to determine the annual property tax bill. In Hathorne, the median home price is $349,200, and the property tax rate is higher than the national median rate of 0.99%. This results in a median property tax bill of $4,103, which is consistent across different percentiles in the area. For homeowners, this means that regardless of their property's specific assessed value, they can expect a relatively uniform tax bill, reflecting the area's standardized rate. This uniformity in tax bills helps homeowners plan their finances more effectively, but it also underscores the importance of accurate property assessments. An over-assessment can lead to a disproportionately high tax bill, affecting household budgets. Conversely, accurate assessments ensure that homeowners pay a fair share based on their property's true market value.
Average Hathorne Tax Bill
$4,103
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hathorne, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01937 | $4,103 | $4,103 | $4,103 | $4,103 | $4,103 |
Source: Ownwell