Somerville, Massachusetts Property Taxes
The median property tax rate in Somerville, MA is 1.03%, 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 $934,200, the typical annual property tax bill in Somerville reaches $9,658, significantly exceeding the national median of $2,690. Property taxes in Somerville are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences. Understanding Somerville'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 Somerville 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
Somerville, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$9,622
$8,929
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Massachusetts
Property taxes in Somerville, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other areas in Middlesex County and the national median. For comparison, the 02143 zip code has the highest median property tax rate of 1.03%, while the 02145 zip code has the lowest median tax rate of 1.03%. Understanding how these areas compare with Somerville 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 Somerville Tax Rate
1.03%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02143 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| 02144 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| 02145 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Massachusetts
In Somerville, 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 Somerville, 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 Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $11,656 in the 02144 zip code, while the lowest is $8,285 in the 02145 zip code.
Property Tax Assessment Values Across Somerville, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Somerville Assessed Value
$934,200
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 Somerville, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02143 | $504,200 | $665,900 | $919,500 | $1,168,400 | $1,421,560 |
| 02144 | $644,480 | $859,600 | $1,127,300 | $1,351,450 | $1,538,440 |
| 02145 | $462,500 | $608,200 | $801,300 | $994,300 | $1,181,120 |
Source: Ownwell
Property Tax Bills Across Somerville, Massachusetts
In Somerville, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Middlesex County. The assessed value is determined by the local assessor and reflects the property's market value. Homeowners in Somerville face a median home price of $934,200, significantly higher than the national median. The tax rate, applied to this assessed value, results in varying tax bills across different percentiles. For instance, at the 25th percentile, tax bills are around $7,119, while at the 75th percentile, they rise to approximately $12,409. The highest median tax bill in Somerville, found in the 02144 zip code, reaches $11,656, whereas the lowest, in the 02145 zip code, is $8,285. These tax bills impact homeowners by contributing to annual housing costs, and the higher property values in Somerville mean that residents typically pay more in property taxes compared to the national median property tax rate of 0.99%.
Average Somerville Tax Bill
$9,658
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02143 | $5,213 | $6,885 | $9,508 | $12,081 | $14,699 |
| 02144 | $6,660 | $8,874 | $11,656 | $13,973 | $15,904 |
| 02145 | $4,773 | $6,289 | $8,285 | $10,281 | $12,213 |
Source: Ownwell