Stoneham, Massachusetts Property Taxes
The median property tax rate in Stoneham, MA is 1.11%, noticeably higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With a median home value of $600,700 in Stoneham, the typical annual property tax bill reaches $6,669, significantly surpassing the national median of $2,690. Property taxes in Stoneham are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Stoneham's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Stoneham or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stoneham, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$6,668
$6,188
Ownwell’s Stoneham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stoneham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stoneham 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 Stoneham, Massachusetts
Property taxes in Stoneham, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stoneham is 1.11%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Stoneham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stoneham 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 Stoneham's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02180 zip code has the highest median property tax rate of 1.11%, while the 02180 zip code has the lowest median tax rate of 1.11%. Understanding how these cities compare with Stoneham 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 Stoneham Tax Rate
1.11%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stoneham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02180 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Stoneham, Massachusetts
In Stoneham, 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 authorities 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 Stoneham, 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 Stoneham is $600,700, with tax bills ranging from $5,418 at the 25th percentile to $9,049 at the 90th percentile. 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 Stoneham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Stoneham, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Stoneham Assessed Value
$600,700
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 Stoneham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02180 | $335,100 | $488,000 | $600,700 | $707,400 | $815,180 |
Source: Ownwell
Property Tax Bills Across Stoneham, Massachusetts
In Stoneham, Middlesex County, MA, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Stoneham, property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $5,418, while the 75th percentile tax bill is approximately $7,854. At the 90th percentile, homeowners might see tax bills as high as $9,049. The median home price in Stoneham is $600,700, which influences these tax amounts. Comparatively, the national median property tax rate is 0.99%, making Stoneham's property taxes a critical consideration for homeowners. These taxes fund essential public services, impacting the overall quality of life in the community.
Average Stoneham Tax Bill
$6,669
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Stoneham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02180 | $3,720 | $5,418 | $6,669 | $7,854 | $9,049 |
Source: Ownwell