Newbury, Massachusetts Property Taxes
The median property tax rate in Newbury, MA is 0.77%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Newbury at $818,800, the typical annual property tax bill reaches $6,288, significantly exceeding the national median of $2,690. Property taxes in Newbury 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 Newbury'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 Newbury 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
Newbury, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$6,305
$5,851
Ownwell’s Newbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newbury 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 Newbury, Massachusetts
Property taxes in Newbury, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newbury is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Newbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newbury 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 Newbury's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01922 zip code has the highest median property tax rate of 0.77%, while the 01951 zip code has the lowest median tax rate of 0.77%. Understanding how these cities compare with Newbury 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 Newbury Tax Rate
0.77%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newbury, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01922 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
| 01951 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Newbury, Massachusetts
In Newbury, 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 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. For instance, in Newbury, the zip code with the highest median tax bill is 01951 at $6,292, while the lowest is 01922 at $5,762. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Newbury, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Newbury Assessed Value
$818,800
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 Newbury, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01922 | $698,140 | $717,700 | $750,300 | $782,900 | $802,460 |
| 01951 | $578,600 | $678,500 | $819,300 | $1,038,200 | $1,363,120 |
Source: Ownwell
Property Tax Bills Across Newbury, Massachusetts
In Newbury, Essex County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Newbury is $818,800, which significantly influences the property tax bill. Tax assessments consider factors such as property size, location, and market conditions to determine the assessed value. Homeowners in Newbury can expect varying tax bills depending on where their property falls within the assessed value spectrum. For instance, those at the 25th percentile pay around $5,220, while those at the 75th percentile face bills closer to $7,969. At the 90th percentile, tax bills can reach up to $10,468. Comparatively, the highest median tax bill in the area is $6,292 in the 01951 zip code, while the lowest is $5,762 in the 01922 zip code. These figures highlight the variability in property tax burdens within Newbury, affecting homeowners' annual expenses and financial planning.
Average Newbury Tax Bill
$6,288
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Newbury, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01922 | $5,362 | $5,512 | $5,762 | $6,013 | $6,163 |
| 01951 | $4,449 | $5,218 | $6,292 | $7,973 | $10,469 |
Source: Ownwell