Newburyport, Massachusetts Property Taxes
The median property tax rate in Newburyport, MA is 1.07%, which is considerably higher than the national median of 0.99%, but lower than the Massachusetts state median of 1.23%. With the median home value in Newburyport at $672,650, the typical annual property tax bill reaches $7,224, significantly exceeding the national median of $2,690. Property taxes in Newburyport 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 Newburyport'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 Newburyport 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
Newburyport, 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 Newburyport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newburyport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newburyport 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 Newburyport, Massachusetts
Property taxes in Newburyport, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newburyport is 1.07%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Newburyport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newburyport 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 Newburyport's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01950 zip code has the highest median property tax rate of 1.07%, while the 01950 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Newburyport 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 Newburyport Tax Rate
1.07%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newburyport, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01950 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Newburyport, Massachusetts
In Newburyport, 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 Newburyport, 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 Newburyport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01950 has the highest and lowest median tax bill, both at $7,224, compared to the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Newburyport, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Newburyport Assessed Value
$672,650
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 Newburyport, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01950 | $379,670 | $528,225 | $672,650 | $868,075 | $1,125,740 |
Source: Ownwell
Property Tax Bills Across Newburyport, Massachusetts
In Newburyport, Essex County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates properties to reflect their market value. Homeowners in Newburyport face varying tax bills, with the 25th percentile paying around $5,672 and the 75th percentile paying about $9,323 annually. The 90th percentile sees tax bills as high as $12,090. The median home price in Newburyport is $672,650, and the local tax rate is a significant factor in determining the final tax bill. The median tax bill stands at $7,224, which is higher than the national median property tax rate of 0.99%. This means homeowners in Newburyport generally pay more in property taxes compared to the national average, which can impact their overall cost of living. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Newburyport Tax Bill
$7,224
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Newburyport, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01950 | $4,078 | $5,672 | $7,224 | $9,323 | $12,090 |
Source: Ownwell