Peabody, Essex County, Massachusetts Property Taxes

Name: Property Tax Bills Across Peabody, Essex County, Massachusetts
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Peabody, MA effective property tax rate: 0.95%, significantly lower than the national median of 1.02%, but lower than the Massachusetts state median of 1.23%.
Median Peabody, MA home value: $523,450
Median annual Peabody, MA tax bill: $4,985, $2,585 higher than the national median property tax bill of $2,400.

How are property taxes in Essex County calculated?

Property taxes in Peabody, MA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Peabody’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Peabody, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Peabody, Essex County, Massachusetts Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.95%

Estimate Property Tax Bill

$4,973

$4,615

Ownwell’s Peabody Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peabody with just two data points. By entering your property's estimated assessed value, our calculator applies Peabody’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Essex County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Peabody, Essex County, Massachusetts

Local government entities are responsible for setting tax rates, which can vary significantly within a state. This is because each year, counties estimate the necessary budget to provide services, dividing it by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. While setting tax rates and budgets involves votes and laws, this is essentially the annual process.

In Peabody, located in Essex County, the effective property tax rate is comparable to other cities in Massachusetts. The median property tax rate in Peabody is slightly below the national median of 1.02%. This can be advantageous for property owners, as lower tax rates can mean lower annual tax bills compared to the national average. However, property owners should still consider the assessed value of their property, as it directly impacts the total tax bill.

Comparing Peabody’s effective property tax rate to other areas in Massachusetts and the U.S. can provide valuable insights for potential property buyers and current homeowners. Understanding these differences can help in making informed decisions about property investments and financial planning.

Property Tax Rates Across Peabody, Essex County, Massachusetts

Source: Ownwell

0.77%

1.25%

1.74%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Peabody Tax Rate

0.95%

Median Effective Essex County Tax Rate

1.12%

Median Effective Massachusetts Tax Rate

1.23%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Peabody, Essex County, Massachusetts

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
01960	0.95%	0.95%	0.95%	0.95%	0.95%

Source: Ownwell

Property Tax Assessment Values Across Peabody, Essex County, Massachusetts

When examining property taxes in Peabody, MA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Essex County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Essex County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Peabody. For example, the median home price in Peabody is $523,450, with tax bills ranging significantly across the county. Zip code 01960 has the highest median home price at $523,450.

Property Tax Assessment Values Across Peabody, Essex County, Massachusetts

Source: Ownwell

$258,000

$568,450

$878,900

Median Peabody Market Value

$523,450

Median Essex County Market Value

$545,500

Median Massachusetts Market Value

$492,600

Median United States Market Value

$235,294

Property Tax Assessment Values Across Peabody, Essex County, Massachusetts

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
01960	$375,500	$449,500	$523,450	$601,800	$692,800

Source: Ownwell

Property Tax Bills Across Peabody, Essex County, Massachusetts

In Peabody, Essex County, MA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The median home price in Peabody is $523,450, which significantly influences the tax bill. Homeowners in Peabody typically face a property tax bill of $4,985, notably higher than the national median of $2,400. The tax bill can range from the 25th percentile at $4,280 to the 90th percentile at $6,596, depending on the home's assessed value and applicable exemptions. This variation can create a financial burden for homeowners, especially when the bill surpasses the national median property tax rate of 1.02%.

Ownwell offers a solution by assisting homeowners in appealing their property tax assessments and securing exemptions, potentially reducing their tax burden. By leveraging expert knowledge of local tax regulations and market trends, Ownwell helps ensure homeowners are not overpaying on their property taxes, allowing them to save money and alleviate financial stress.

Property Tax Bills Across Peabody, Essex County, Massachusetts

Source: Ownwell

$2,621

$8,030

$13,438

Median Peabody Tax Bill

$4,985

Median Essex County Tax Bill

$6,145

Median Massachusetts Tax Bill

$5,844

Median United States Tax Bill

$2,400

Property Tax Bills Across Peabody, Essex County, Massachusetts

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
01960	$3,575	$4,280	$4,985	$5,731	$6,596

Source: Ownwell