Malden, Massachusetts Property Taxes
The median property tax rate in Malden, MA is 1.22%, slightly higher than the national median of 0.99% but just below the Massachusetts state median of 1.23%. With the median home value in Malden at $561,500, the typical annual property tax bill reaches $6,842, significantly exceeding the national median of $2,690. Property taxes in Malden 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 Malden'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 Malden 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
Malden, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$6,850
$6,357
Ownwell’s Malden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malden 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 Malden, Massachusetts
Property taxes in Malden, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malden is 1.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Malden set these rates annually, and they can vary across different neighborhoods. Each year, Malden 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 Malden's effective property tax rate to other areas in Middlesex County and the national median. For comparison, the zip code 02148 has both the highest and lowest median property tax rate of 1.22%. Understanding how these areas compare with Malden 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 Malden Tax Rate
1.22%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malden, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02148 | 1.22% | 1.22% | 1.22% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Malden, Massachusetts
In Malden, 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 Malden, 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 Malden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Malden is $561,500, with the median tax bill at $6,842. The highest and lowest median tax bills are both found in the 02148 zip code, with values of $6,842.
Property Tax Assessment Values Across Malden, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Malden Assessed Value
$561,500
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 Malden, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02148 | $364,780 | $465,200 | $561,500 | $674,000 | $772,020 |
Source: Ownwell
Property Tax Bills Across Malden, Massachusetts
Property tax bills in Malden, situated in Middlesex County, MA, are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Malden, where the median home price is $561,500, face property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $5,671, while at the 75th percentile, it rises to $8,214, and at the 90th percentile, it reaches $9,411. These figures highlight the impact of property values and assessment practices on tax bills. Compared to the national median property tax rate of 0.99%, Malden's property tax rate results in higher tax bills for homeowners. This financial obligation can influence decisions about homeownership and property investments, making it essential for residents to understand how their tax bills are determined and how they can potentially manage or appeal them.
Average Malden Tax Bill
$6,842
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Malden, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02148 | $4,446 | $5,671 | $6,842 | $8,214 | $9,411 |
Source: Ownwell