Lynnfield, Essex County, Massachusetts Property Taxes
Median Lynnfield, MA effective property tax rate: 1.13%, significantly higher than the national median of 1.02%, but lower than the Massachusetts state median of 1.23%.
Median Lynnfield, MA home value: $815,750
Median annual Lynnfield, MA tax bill: $9,218, $6,818 higher than the national median property tax bill of $2,400.
How are property taxes in Essex County calculated?
Property taxes in Lynnfield, MA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lynnfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lynnfield, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lynnfield, Essex County, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.13%
Estimate Property Tax Bill
$9,218
$8,554
Property Tax Rates Across Lynnfield, Essex County, Massachusetts
Local government entities set tax rates, which can vary widely within a state. This variance is due to each county estimating its required budget to provide services annually, then dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Lynnfield, located in Essex County, Massachusetts, the effective property tax rate reflects this process. The town's median property tax rate stands at 1.13%, which is notably higher than the national median of 1.02%. This comparison highlights the variability of property tax rates not only within Massachusetts but also when measured against the national landscape. Residents of Lynnfield experience a higher property tax burden than the national average, which underscores the importance of understanding local tax dynamics. By comprehending these differences, property owners can better navigate the complexities of property taxes and potentially explore avenues for appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lynnfield Tax Rate
1.13%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Essex County Tax Rate
1.12%
Median Effective Massachusetts Tax Rate
1.23%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lynnfield, Essex County, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01940 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Lynnfield, Essex County, Massachusetts
When examining property taxes in Lynnfield, MA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Essex County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Essex County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of the month. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lynnfield. For example, the median home price in Lynnfield is $815,750, with tax bills ranging significantly across the county. Zip code 01940 has the highest median home price at $815,750.
Property Tax Assessment Values Across Lynnfield, Essex County, Massachusetts
Source: Ownwell
$258,000
$568,450
$878,900
Median Lynnfield Market Value
$815,750
Median Essex County Market Value
$545,500
Median Massachusetts Market Value
$492,600
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lynnfield, Essex County, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01940 | $566,980 | $690,275 | $815,750 | $1,011,025 | $1,199,540 |
Source: Ownwell
Property Tax Bills Across Lynnfield, Essex County, Massachusetts
In Lynnfield, located in Essex County, MA, property tax bills are determined by assessing the property's market value and applying the local tax rate. With a median home price of $815,750, homeowners in Lynnfield face substantial tax bills. The median property tax bill here is $9,218, significantly higher than the national median of $2,400, reflecting the area's higher property values and tax rate. For many, this can be a financial burden, especially with tax bills reaching the 90th percentile at $13,554.
Factors influencing these bills include the property's assessed value and the town's budgetary needs, which dictate the tax rate. Homeowners might find themselves paying more than necessary due to errors in assessment or overlooked exemptions. Ownwell can assist homeowners by reviewing their property assessments for inaccuracies and identifying potential exemptions, ultimately reducing their tax liability. By leveraging expertise in property tax appeals, Ownwell helps ensure homeowners are not overpaying, providing peace of mind and financial relief.
Median Lynnfield Tax Bill
$9,218
Median Essex County Tax Bill
$6,145
Median Massachusetts Tax Bill
$5,844
Median United States Tax Bill
$2,400
Property Tax Bills Across Lynnfield, Essex County, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01940 | $6,407 | $7,800 | $9,218 | $11,429 | $13,554 |
Source: Ownwell