Nahant, Massachusetts Property Taxes
The median property tax rate in Nahant, MA is 0.91%, which is notably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $747,050 in Nahant, the typical annual property tax bill amounts to $6,790, significantly higher than the national median of $2,690. Property taxes in Nahant are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Nahant's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Nahant or another part of Essex County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nahant, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$6,798
$6,308
Ownwell’s Nahant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nahant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nahant 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 Nahant, Massachusetts
Property taxes in Nahant, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nahant is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Nahant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nahant 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 Nahant's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the zip code 01908 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Nahant 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 Nahant Tax Rate
0.91%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nahant, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01908 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Nahant, Massachusetts
In Nahant, 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 Nahant, 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 Nahant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Nahant is $747,050, with the highest and lowest median tax bills being $6,790 in the 01908 zip code.
Property Tax Assessment Values Across Nahant, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Nahant Assessed Value
$747,050
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 Nahant, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01908 | $478,880 | $602,775 | $747,050 | $973,075 | $1,453,210 |
Source: Ownwell
Property Tax Bills Across Nahant, Massachusetts
In Nahant, Essex County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, Nahant's median home price is $747,050, and the property tax rate is applied to this value to calculate the tax owed. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Nahant can expect their tax bills to vary widely; the 25th percentile tax bill is $5,480, while the 75th percentile reaches $8,845, and the 90th percentile can be as high as $13,210. The highest and lowest median tax bills in the area are both $6,790, indicating a consistent tax rate across different neighborhoods. Compared to the national median property tax rate of 0.99%, Nahant's tax bills reflect the relatively high property values in the area, which can significantly impact homeowners' annual expenses.
Average Nahant Tax Bill
$6,790
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Nahant, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01908 | $4,353 | $5,480 | $6,790 | $8,845 | $13,210 |
Source: Ownwell