Medford, Massachusetts Property Taxes
The median property tax rate in Medford, MA is 0.87%, which is lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $707,900, the typical annual property tax bill in Medford reaches $6,124, significantly surpassing the national median of $2,690. Property taxes in Medford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medford'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 Medford 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
Medford, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$6,159
$5,715
Ownwell’s Medford Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford to provide an estimate of your property tax bill. This user-friendly tool helps you grasp your potential tax liabilities. For those curious about neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Middlesex County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Medford, Massachusetts
Property taxes in Medford, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 0.87%, slightly below the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02155 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Medford 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 Medford Tax Rate
0.87%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02155 | 0.86% | 0.86% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Massachusetts
In Medford, 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 02155 has the highest and lowest median tax bill, both at $6,124.
Property Tax Assessment Values Across Medford, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Medford Assessed Value
$707,900
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 Medford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02155 | $472,120 | $565,200 | $707,900 | $846,300 | $978,600 |
Source: Ownwell
Property Tax Bills Across Medford, Massachusetts
In Medford, located in Middlesex County, MA, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For a median home price of $707,900, tax bills can vary significantly. Factors such as the property’s location, size, and condition influence the assessed value. The tax rate, applied to the assessed value, determines the final tax bill. In Medford, property tax bills range widely, with the 25th percentile at $4,890, the 75th percentile at $7,322, and the 90th percentile at $8,474. The highest and lowest median tax bills in the area are both $6,124, attributed to the same zip code, 02155. These property taxes significantly impact homeowners, influencing their annual financial planning and the overall affordability of owning a home. Compared to the national median property tax rate of 0.99%, Medford's tax bills highlight the importance of understanding local tax rates and their implications on household budgets.
Average Medford Tax Bill
$6,124
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02155 | $4,084 | $4,890 | $6,124 | $7,322 | $8,474 |
Source: Ownwell