Methuen, Massachusetts Property Taxes
The median property tax rate in Methuen, 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 Methuen at $433,900, the typical annual property tax bill reaches $5,074, exceeding the national median of $2,690. Property taxes in Methuen 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 Methuen'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 Methuen 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
Methuen, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$5,077
Ownwell’s Methuen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Methuen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Methuen 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 Methuen, Massachusetts
Property taxes in Methuen, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Methuen is 1.17%, higher than the U.S. national median of 0.99%. Local government entities within Methuen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Methuen 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 Methuen's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01844 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Methuen 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 Methuen 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 Methuen, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01844 | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Methuen, Massachusetts
In Methuen, 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. In Methuen, 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 Methuen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Methuen both stand at $5,074, notably in the 01844 zip code.
Property Tax Assessment Values Across Methuen, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Methuen Assessed Value
$433,900
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 Methuen, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01844 | $302,800 | $367,700 | $433,900 | $521,800 | $617,650 |
Source: Ownwell
Property Tax Bills Across Methuen, Massachusetts
In Methuen, Essex County, MA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Methuen is $433,900, and homeowners can expect to pay a property tax bill that varies significantly. For example, those in the 25th percentile pay approximately $4,300, while those in the 75th percentile see bills around $6,100. Homeowners at the 90th percentile face bills as high as $7,225. The tax bill is determined by multiplying the assessed value by the local tax rate. Various factors influence the assessed value, including market conditions, property size, location, and improvements made to the property. Methuen's property tax rate is higher than the national median property tax rate of 0.99%, which can significantly impact homeowners, especially those with higher-valued properties. This higher tax rate means that homeowners in Methuen often face larger tax bills compared to the national average, affecting their overall financial planning and homeownership costs.
Average Methuen Tax Bill
$5,074
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Methuen, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01844 | $3,543 | $4,300 | $5,074 | $6,100 | $7,225 |
Source: Ownwell