Tewksbury, Massachusetts Property Taxes
The median property tax rate in Tewksbury, MA is 1.37%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Tewksbury at $947,100, the typical annual property tax bill reaches $12,937, exceeding the national median of $2,690. Property taxes in Tewksbury 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 Tewksbury'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 Tewksbury 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
Tewksbury, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$12,975
Ownwell’s Tewksbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tewksbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tewksbury 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 Tewksbury, Massachusetts
Property taxes in Tewksbury, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tewksbury is 1.37%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Tewksbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tewksbury 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 Tewksbury's effective property tax rate to other areas in Essex County and the national median. For comparison, the 01876 zip code has the highest median property tax rate of 1.37%, while the same zip code also holds the lowest median tax rate of 1.37%. Understanding how these areas compare with Tewksbury 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 Tewksbury Tax Rate
1.37%
Average Essex County Tax Rate
1.12%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tewksbury, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01876 | 1.37% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Tewksbury, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tewksbury, Massachusetts. 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 Tewksbury, 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. For instance, the highest median tax bill in Tewksbury is $12,937 in the 01876 zip code, which also happens to be the lowest median 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tewksbury, Massachusetts
Source: Ownwell
$258,000
$802,500
$1,347,000
Average Tewksbury Assessed Value
$947,100
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 Tewksbury, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01876 | $947,100 | $947,100 | $947,100 | $947,100 | $947,100 |
Source: Ownwell
Property Tax Bills Across Tewksbury, Massachusetts
In Tewksbury, located in 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 and reflects the estimated market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. In Tewksbury, the median home price is $947,100, and the median property tax bill is $12,937. This figure is significantly higher than the national median property tax rate of 0.99%, highlighting the substantial financial impact on homeowners in this area. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the final tax bill. For homeowners, understanding these elements is crucial for financial planning and managing annual expenses. High property taxes can affect affordability and long-term financial stability, making it essential for homeowners to stay informed and consider appealing their property assessments if they believe they are overvalued.
Average Tewksbury Tax Bill
$12,937
Average Essex County Tax Bill
$6,145
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Tewksbury, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01876 | $12,937 | $12,937 | $12,937 | $12,937 | $12,937 |
Source: Ownwell