Melrose, Massachusetts Property Taxes
The median property tax rate in Melrose, MA is 1.04%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With a median home value of $694,500 in Melrose, the typical annual property tax bill reaches $7,237, significantly exceeding the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Understanding Melrose'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 Melrose 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
Melrose, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$7,223
$6,703
Ownwell’s Melrose Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Middlesex County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Melrose, Massachusetts
Property taxes in Melrose, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 1.04%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02176 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Melrose 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 Melrose Tax Rate
1.04%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02176 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, Massachusetts
In Melrose, 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 Melrose, 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. The median home price in Melrose stands at $694,500, with tax bills ranging from $6,180 at the 25th percentile to $9,531 at the 90th percentile. The zip code 02176 has both the highest and lowest median tax bill, valued at $7,237. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Melrose, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Melrose Assessed Value
$694,500
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 Melrose, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02176 | $444,800 | $593,050 | $694,500 | $793,200 | $914,700 |
Source: Ownwell
Property Tax Bills Across Melrose, Massachusetts
In Melrose, 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 city's assessors, who evaluate the property's market value and apply a specific assessment ratio. 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 $694,500, homeowners can expect varying tax bills. The tax bill for the 25th percentile is around $6,180, while those in the 75th percentile pay about $8,265. Homeowners in the 90th percentile may see bills as high as $9,531. These tax bills are crucial as they fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Melrose's property tax rate reflects the city's investment in maintaining high-quality public services, directly impacting the quality of life for its residents.
Average Melrose Tax Bill
$7,237
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02176 | $4,635 | $6,180 | $7,237 | $8,265 | $9,531 |
Source: Ownwell