North Cambridge, Massachusetts Property Taxes
The median property tax rate in North Cambridge, MA is 0.59%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in North Cambridge at $1,446,200, the typical annual property tax bill reaches $8,475, well above the national median of $2,690. Property taxes in North Cambridge 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 North Cambridge'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 North Cambridge 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
North Cambridge, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$8,533
$7,918
Ownwell’s North Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Cambridge 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 North Cambridge, Massachusetts
Property taxes in North Cambridge, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Cambridge is 0.59%, which is lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within North Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Cambridge 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 North Cambridge's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02140 zip code has the highest median property tax rate of 0.59%, while the same 02140 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with North Cambridge 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 North Cambridge Tax Rate
0.59%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Cambridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02140 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across North Cambridge, Massachusetts
In North Cambridge, 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 North Cambridge, 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 North Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 02140 has both the highest and lowest median tax bill at $8,475, reflecting the uniformity in property tax assessments within this region.
Property Tax Assessment Values Across North Cambridge, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average North Cambridge Assessed Value
$1,446,200
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 North Cambridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02140 | $822,160 | $979,100 | $1,446,200 | $1,605,500 | $2,106,300 |
Source: Ownwell
Property Tax Bills Across North Cambridge, Massachusetts
In North Cambridge, Middlesex County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. These assessors consider factors such as the property's size, location, and condition. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in North Cambridge, the median home price is $1,446,200. With a tax bill ranging from $5,738 at the 25th percentile to $12,343 at the 90th percentile, the financial impact on homeowners can be significant. The highest and lowest median tax bills in the area are both $8,475, which is notably higher than the national median property tax rate of 0.99%. This higher tax rate reflects the premium property values in the region, making it essential for homeowners to understand how their tax bills are calculated and to explore potential exemptions or appeals to manage their expenses effectively.
Average North Cambridge Tax Bill
$8,475
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across North Cambridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02140 | $4,818 | $5,738 | $8,475 | $9,408 | $12,343 |
Source: Ownwell