Swampscott, Massachusetts Property Taxes
The median property tax rate in Swampscott, MA is 1.17%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Swampscott at $643,000, the typical annual property tax bill reaches $7,549, exceeding the national median of $2,690. Property taxes in Swampscott 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 Swampscott'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 Swampscott 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
Swampscott, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$7,523
$6,981
Ownwell’s Swampscott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swampscott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swampscott 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 Swampscott, Massachusetts
Property taxes in Swampscott, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swampscott is 1.17%, which is significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Swampscott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swampscott 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 Swampscott's effective property tax rate to other areas in Essex County and the national median. For comparison, the 01907 zip code has the highest median property tax rate of 1.17%, while the same 01907 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Swampscott 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 Swampscott Tax Rate
1.17%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swampscott, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01907 | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Swampscott, Massachusetts
In Swampscott, 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 Swampscott, 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 Swampscott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 01907 has the highest and lowest median tax bill of $7,549.
Property Tax Assessment Values Across Swampscott, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Swampscott Assessed Value
$643,000
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 Swampscott, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01907 | $351,820 | $503,200 | $643,000 | $824,200 | $1,163,380 |
Source: Ownwell
Property Tax Bills Across Swampscott, Massachusetts
In Swampscott, Essex County, 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 and is intended to reflect the market value of the property. Homeowners in Swampscott face a median home price of $643,000, and the property tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $5,908, while the 75th percentile reaches $9,676, and the 90th percentile can be as high as $13,658. Compared to the national median property tax rate of 0.99%, Swampscott homeowners may find their tax bills relatively higher, impacting their overall housing costs. This calculation ensures that property taxes are proportionate to the property's value, funding essential local services such as schools, public safety, and infrastructure.
Average Swampscott Tax Bill
$7,549
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Swampscott, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01907 | $4,128 | $5,908 | $7,549 | $9,676 | $13,658 |
Source: Ownwell