Lynn, Massachusetts Property Taxes
The median property tax rate in Lynn, MA is 1.11%, which is higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With a median home value of $475,300 in Lynn, the typical annual property tax bill amounts to $5,298, significantly surpassing the national median of $2,690. Property taxes in Lynn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural use. Understanding Lynn'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 Lynn 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
Lynn, 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 Lynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynn 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 Lynn, Massachusetts
Property taxes in Lynn, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn is 1.11%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Lynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn 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 Lynn's effective property tax rate to other areas in Essex County and the national median. For comparison, the 01901 zip code has the highest median property tax rate of 1.12%, while the 01904 zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Lynn 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 Lynn Tax Rate
1.11%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynn, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01901 | 1.11% | 1.11% | 1.12% | 1.12% | 1.12% |
| 01902 | 1.11% | 1.11% | 1.11% | 1.12% | 1.12% |
| 01904 | 1.11% | 1.11% | 1.11% | 1.12% | 1.12% |
| 01905 | 1.11% | 1.11% | 1.11% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Lynn, Massachusetts
In Lynn, 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. Assessment notices in Lynn 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 Lynn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lynn is $5,466 in the 01904 zip code, while the lowest median tax bill is $3,522 in the 01901 zip code.
Average Lynn Assessed Value
$475,300
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 Lynn, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01901 | $209,560 | $240,300 | $315,900 | $355,150 | $396,880 |
| 01902 | $248,800 | $377,000 | $458,400 | $628,800 | $744,070 |
| 01904 | $391,700 | $440,900 | $490,200 | $570,500 | $690,300 |
| 01905 | $337,560 | $415,300 | $473,800 | $591,450 | $706,720 |
Source: Ownwell
Property Tax Bills Across Lynn, Massachusetts
In Lynn, Essex County, MA, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Lynn is approximately $475,300, and the property tax rate is calculated based on this assessed value. For homeowners, the tax bill can vary significantly. For instance, those in the 25th percentile might see a tax bill around $4,560, while those in the 75th percentile could face a bill closer to $6,650. The top 10% of homeowners might experience tax bills as high as $8,035. The highest median tax bill in Lynn is found in the 01904 zip code, amounting to $5,466, whereas the lowest is in the 01901 zip code at $3,522. These variations can significantly impact homeowners, influencing their financial planning and overall housing affordability. Understanding these factors is crucial for homeowners aiming to manage their property tax liabilities effectively.
Average Lynn Tax Bill
$5,298
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynn, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01901 | $2,337 | $2,680 | $3,522 | $3,960 | $4,425 |
| 01902 | $2,774 | $4,201 | $5,110 | $7,009 | $8,291 |
| 01904 | $4,367 | $4,916 | $5,466 | $6,361 | $7,697 |
| 01905 | $3,764 | $4,631 | $5,283 | $6,594 | $7,880 |
Source: Ownwell