Chestnut Hill, Massachusetts Property Taxes
The median property tax rate in Chestnut Hill, MA is 1.02%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With the median home value in Chestnut Hill at $909,850, the typical annual property tax bill reaches $9,390, significantly surpassing the national median of $2,690. Property taxes in Chestnut Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences. Understanding Chestnut Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Chestnut Hill 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
Chestnut Hill, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$9,280
$8,612
Ownwell’s Chestnut Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chestnut Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chestnut Hill 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 Chestnut Hill, Massachusetts
Property taxes in Chestnut Hill, MA, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chestnut Hill is 1.02%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Chestnut Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chestnut Hill 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 Chestnut Hill's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02467 zip code has the highest median property tax rate of 1.02%, while the 02467 zip code also has the lowest median tax rate of 1.02%. Understanding how these areas compare with Chestnut Hill 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 Chestnut Hill Tax Rate
1.02%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chestnut Hill, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02467 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Chestnut Hill, Massachusetts
In Chestnut Hill, 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 Chestnut Hill, 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 Chestnut Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Chestnut Hill is $909,850, with the highest and lowest median tax bills both being $9,390 in zip code 02467.
Property Tax Assessment Values Across Chestnut Hill, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Chestnut Hill Assessed Value
$909,850
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 Chestnut Hill, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02467 | $441,660 | $544,500 | $909,850 | $1,655,575 | $2,580,800 |
Source: Ownwell
Property Tax Bills Across Chestnut Hill, Massachusetts
In Chestnut Hill, located in Middlesex 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 market value of the property. Middlesex County's property tax rate is applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $909,850 in Chestnut Hill, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $5,970, while at the 75th percentile, they can reach up to $16,957. The 90th percentile sees tax bills as high as $26,478. The median tax bill in the 02467 zip code stands at $9,390, which is considerably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Chestnut Hill.
Average Chestnut Hill Tax Bill
$9,390
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Chestnut Hill, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02467 | $4,547 | $5,970 | $9,390 | $16,957 | $26,478 |
Source: Ownwell