Wakefield, Massachusetts Property Taxes
The median property tax rate in Wakefield, MA is 1.17%, which is notably higher than the national median of 0.99% but slightly lower than the Massachusetts state median of 1.23%. With a median home value of $645,900 in Wakefield, the typical annual property tax bill reaches $7,576, significantly exceeding the national median of $2,690. Property taxes in Wakefield are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wakefield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wakefield or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wakefield, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Wakefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakefield 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 Wakefield, Massachusetts
Property taxes in Wakefield, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakefield is 1.17%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakefield 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 Wakefield's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01880 zip code has the highest median property tax rate of 1.17%, while the 01880 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Wakefield 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 Wakefield Tax Rate
1.17%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakefield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01880 | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Massachusetts
In Wakefield, 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 Wakefield, 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Wakefield is $645,900, with the median tax bill being $7,576. The 25th percentile tax bill is $6,598, while the 75th percentile tax bill is $8,742, and the 90th percentile tax bill reaches $10,509.
Property Tax Assessment Values Across Wakefield, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Wakefield Assessed Value
$645,900
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 Wakefield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01880 | $460,940 | $562,500 | $645,900 | $745,300 | $895,900 |
Source: Ownwell
Property Tax Bills Across Wakefield, Massachusetts
Property tax bills in Wakefield, Middlesex County, MA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Wakefield, the median home price is $645,900. The tax bill for the 25th percentile is $6,598, while the 75th percentile sees tax bills around $8,742, and the 90th percentile can reach up to $10,509. The highest and lowest median tax bills in the area both stand at $7,576, highlighting a consistent tax rate across the region. Compared to the national median property tax rate of 0.99%, Wakefield's property taxes are significantly higher, impacting homeowners' annual expenses.
Average Wakefield Tax Bill
$7,576
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakefield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01880 | $5,406 | $6,598 | $7,576 | $8,742 | $10,509 |
Source: Ownwell