Belmont, Massachusetts Property Taxes
The median property tax rate in Belmont, MA is 1.12%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Belmont, the typical annual property tax bill reaches $13,263, exceeding the national median of $2,690. Property taxes in Belmont 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 Belmont'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 Belmont 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
Belmont, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$13,216
$12,264
Ownwell’s Belmont Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Belmont. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Belmont to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities, enabling better financial planning. For those interested in more detailed insights, scroll down to see trends at the neighborhood level. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Belmont, Massachusetts
Property taxes in Belmont, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 1.12%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02478 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Belmont provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
1.12%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02478 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Massachusetts
In Belmont, 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 Middlesex 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 Belmont, 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Belmont, both at $13,263, are found in the zip code 02478.
Property Tax Assessment Values Across Belmont, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Belmont Assessed Value
$1,180,000
Average Middlesex County Assessed Value
$633,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmont, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02478 | $576,000 | $950,000 | $1,180,000 | $1,407,500 | $1,760,000 |
Source: Ownwell
Property Tax Bills Across Belmont, Massachusetts
In Belmont, located in Middlesex County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $1,180,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is $10,678, while the 75th percentile reaches $15,815, and the 90th percentile can be as high as $19,782. These figures highlight the substantial financial impact property taxes can have on homeowners in Belmont. Compared to the national median property tax rate of 0.99%, Belmont's tax rates reflect a higher burden due to the high property values in the area. Homeowners must consider these taxes as a significant part of their annual expenses, influencing decisions on home buying, selling, and long-term financial planning.
Average Belmont Tax Bill
$13,263
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02478 | $6,474 | $10,678 | $13,263 | $15,815 | $19,782 |
Source: Ownwell