South Hamilton, Massachusetts Property Taxes
The median property tax rate in South Hamilton, MA is 1.63%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in South Hamilton at $644,900, the typical annual property tax bill reaches $10,511, far exceeding the national median of $2,690. Property taxes in South Hamilton 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 South Hamilton'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 South Hamilton or another part of Essex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Hamilton, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$10,512
$9,755
Ownwell’s South Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Hamilton 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 South Hamilton, Massachusetts
Property taxes in South Hamilton, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Hamilton is 1.63%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within South Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Hamilton 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 South Hamilton's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01982 zip code has the highest median property tax rate of 1.63%, while the same zip code also has the lowest median tax rate of 1.63%. Understanding how these cities compare with South Hamilton 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 South Hamilton Tax Rate
1.63%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Hamilton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01982 | 1.63% | 1.63% | 1.63% | 1.63% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across South Hamilton, Massachusetts
In South Hamilton, 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 South Hamilton, 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 South Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01982 has the highest and lowest median tax bill in South Hamilton, both averaging $10,511. The median home price in this area is $644,900, with property tax bills ranging from $8,449 at the 25th percentile to $18,907 at the 90th percentile.
Property Tax Assessment Values Across South Hamilton, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average South Hamilton Assessed Value
$644,900
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 South Hamilton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01982 | $435,820 | $518,100 | $644,900 | $829,425 | $1,160,110 |
Source: Ownwell
Property Tax Bills Across South Hamilton, Massachusetts
In South Hamilton, property tax bills are calculated based on the assessed value of a home. The tax bill is determined by multiplying the assessed value by the local property tax rate, which in Essex County is higher than the national median property tax rate of 0.99%. Factors such as the home's location, size, and condition can influence its assessed value. For instance, the median home price in South Hamilton is $644,900. Homeowners in this area can expect their tax bills to vary significantly. The 25th percentile tax bill is around $8,449, while the 75th percentile reaches $13,529. At the 90th percentile, the tax bill can be as high as $18,907. These taxes contribute to essential local services such as schools, public safety, and infrastructure. Consequently, higher property taxes can impact homeowners by increasing their annual expenses, but they also support the community's overall quality of life.
Average South Hamilton Tax Bill
$10,511
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across South Hamilton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01982 | $7,109 | $8,449 | $10,511 | $13,529 | $18,907 |
Source: Ownwell