Reading, Massachusetts Property Taxes
The median property tax rate in Reading, MA is 1.26%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Reading at $699,100, the typical annual property tax bill reaches $8,802, exceeding the national median of $2,690. Property taxes in Reading 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 Reading'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 Reading 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
Reading, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$8,809
$8,174
Ownwell’s Reading Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reading with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reading 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 Reading, Massachusetts
Property taxes in Reading, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reading is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reading 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 Reading's effective property tax rate to other areas in Middlesex County and the national median. For comparison, the 01867 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these figures compare with Reading 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 Reading Tax Rate
1.26%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reading, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01867 | 1.26% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Reading, Massachusetts
In Reading, 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 Reading, 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 Reading helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Reading are both $8,802 in the 01867 zip code.
Property Tax Assessment Values Across Reading, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Reading Assessed Value
$699,100
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 Reading, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01867 | $471,530 | $602,325 | $699,100 | $823,100 | $978,780 |
Source: Ownwell
Property Tax Bills Across Reading, Massachusetts
In Reading, MA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate to determine the annual tax bill. For instance, the median home price in Reading is $699,100. Homeowners in this area can expect a tax bill ranging from $7,582 at the 25th percentile to $12,323 at the 90th percentile, with the median tax bill being $8,802. This is significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in Middlesex County. Several factors influence the assessed value, including the home's size, age, condition, and location. For homeowners, understanding these factors is crucial as they directly impact the annual tax burden. Higher property taxes can affect affordability and long-term financial planning, making it essential for residents to stay informed about their property assessments and potential exemptions.
Average Reading Tax Bill
$8,802
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Reading, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01867 | $5,930 | $7,582 | $8,802 | $10,363 | $12,323 |
Source: Ownwell