Wayland, Massachusetts Property Taxes
The median property tax rate in Wayland, MA is 1.67%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Wayland at $854,800, the typical annual property tax bill reaches $14,167, far exceeding the national median of $2,690. Property taxes in Wayland 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 Wayland'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 Wayland 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
Wayland, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$14,275
Ownwell’s Wayland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayland 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 Wayland, Massachusetts
Property taxes in Wayland, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayland is 1.67%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Wayland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayland 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 Wayland's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the zip code 01778 has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these figures compare with Wayland 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 Wayland Tax Rate
1.67%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayland, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01778 | 1.66% | 1.66% | 1.67% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Wayland, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wayland, MA. 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 Wayland, 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 Wayland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wayland is $854,800, with tax bills ranging from $11,497 at the 25th percentile to $23,140 at the 90th percentile. The zip code 01778 has both the highest and lowest median tax bill at $14,167.
Property Tax Assessment Values Across Wayland, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Wayland Assessed Value
$854,800
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 Wayland, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01778 | $565,600 | $691,300 | $854,800 | $1,077,500 | $1,396,200 |
Source: Ownwell
Property Tax Bills Across Wayland, Massachusetts
Property tax bills in Wayland, located in 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 local tax assessor and reflects the market value of the property. This value is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $854,800, homeowners in Wayland can expect to pay a significant amount in property taxes annually. Several factors influence the tax bill, including property size, location, and any improvements made to the property. The 25th percentile tax bill in Wayland is approximately $11,497, while the 75th percentile tax bill is around $17,874. At the 90th percentile, the tax bill can reach up to $23,140. These figures highlight the substantial impact property taxes can have on homeowners, often resulting in a higher financial burden compared to the national median property tax rate of 0.99%.
Average Wayland Tax Bill
$14,167
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayland, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01778 | $9,387 | $11,497 | $14,167 | $17,874 | $23,140 |
Source: Ownwell