Wellesley Hills, Massachusetts Property Taxes
The median property tax rate in Wellesley Hills, MA is 1.18%, which is considerably higher than the national median of 0.99% but slightly below the Massachusetts state median of 1.23%. With a median home value of $1,863,500 in Wellesley Hills, the typical annual property tax bill reaches $22,064, significantly exceeding the national median of $2,690. Property taxes in Wellesley Hills are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wellesley Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wellesley Hills or another part of Middlesex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellesley Hills, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$21,989
Ownwell’s Wellesley Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellesley Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellesley Hills 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 Wellesley Hills, Massachusetts
Property taxes in Wellesley Hills, MA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellesley Hills is 1.18%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Wellesley Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellesley Hills 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 Wellesley Hills' effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02481 zip code has the highest median property tax rate of 1.18%, while the 02481 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Wellesley Hills 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 Wellesley Hills Tax Rate
1.18%
Average Middlesex County Tax Rate
1.22%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellesley Hills, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Wellesley Hills, Massachusetts
In Wellesley Hills, Massachusetts, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents 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 Wellesley Hills, 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 Wellesley Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 02481, both at $22,064, significantly above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Wellesley Hills, Massachusetts
Source: Ownwell
$105,700
$984,600
$1,863,500
Average Wellesley Hills Assessed Value
$1,863,500
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 Wellesley Hills, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | $1,863,500 | $1,863,500 | $1,863,500 | $1,863,500 | $1,863,500 |
Source: Ownwell
Property Tax Bills Across Wellesley Hills, Massachusetts
Property tax bills in Wellesley Hills, 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 county assessor, who evaluates the market value of the property. In Wellesley Hills, the median home price is $1,863,500, which significantly impacts the tax bill. The local tax rate is applied to this assessed value to determine the annual tax obligation. In Wellesley Hills, the median property tax bill is $22,064, which is considerably higher than the national median property tax rate of 0.99%. This higher tax bill reflects the high property values in the area. Homeowners in Wellesley Hills can expect their tax bills to be consistent, as the 25th, 75th, and 90th percentiles all report the same tax bill amount of $22,064. These property taxes fund essential public services, including schools, infrastructure, and emergency services, making them a crucial component of community well-being.
Average Wellesley Hills Tax Bill
$22,064
Average Middlesex County Tax Bill
$7,427
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellesley Hills, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | $22,064 | $22,064 | $22,064 | $22,064 | $22,064 |
Source: Ownwell