Marblehead, Massachusetts Property Taxes
The median property tax rate in Marblehead, MA is 1.00%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With the median home value in Marblehead at $775,950, the typical annual property tax bill reaches $7,770, significantly exceeding the national median of $2,690. Property taxes in Marblehead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Marblehead'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 Marblehead 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
Marblehead, 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 Marblehead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marblehead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marblehead 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 Marblehead, Massachusetts
Property taxes in Marblehead, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marblehead is 1.00%, slightly above the U.S. national median of 0.99%. Local government entities within Marblehead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marblehead 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 Marblehead's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01945 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Marblehead 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 Marblehead Tax Rate
1.00%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marblehead, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01945 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Marblehead, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marblehead, 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 Marblehead 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 Marblehead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01945 has the highest and lowest median tax bill at $7,770, which is significantly higher than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Marblehead, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Marblehead Assessed Value
$775,950
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 Marblehead, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01945 | $527,050 | $650,600 | $775,950 | $997,000 | $1,489,100 |
Source: Ownwell
Property Tax Bills Across Marblehead, Massachusetts
In Marblehead, Essex County, MA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Marblehead, the median home price is $775,950, resulting in significant property tax bills. The 25th percentile tax bill is $6,509, while the 75th percentile reaches $9,970, and the 90th percentile can be as high as $14,891. These figures highlight the substantial financial commitment required for property ownership in this area. Compared to the national median property tax rate of 0.99%, Marblehead's property tax bills are notably higher, reflecting the region's higher property values and tax rates. This impacts homeowners by increasing their annual financial obligations, making it crucial for them to plan and budget accordingly to manage these expenses effectively.
Average Marblehead Tax Bill
$7,770
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Marblehead, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01945 | $5,270 | $6,509 | $7,770 | $9,970 | $14,891 |
Source: Ownwell