Chestnut Hill, Massachusetts Property Taxes
The median property tax rate in Chestnut Hill, MA is 1.00%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With the median home value in Chestnut Hill at $1,383,050, the typical annual property tax bill reaches $13,790, significantly exceeding the national median of $2,690. Property taxes in Chestnut Hill are calculated 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 Chestnut Hill'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 Chestnut Hill 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
Chestnut Hill, 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 Chestnut Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chestnut Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chestnut Hill 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 Chestnut Hill, Massachusetts
Property taxes in Chestnut Hill, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chestnut Hill is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Chestnut Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chestnut Hill 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 Chestnut Hill's effective property tax rate to other areas in Norfolk County and the national median. For comparison, the 02467 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Chestnut Hill provides valuable insights into the varying tax landscape across Norfolk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chestnut Hill Tax Rate
1.00%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chestnut Hill, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02467 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Chestnut Hill, Massachusetts
In Chestnut Hill, 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 Norfolk 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 Chestnut Hill, 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 Chestnut Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $13,790, found in the 02467 zip code.
Property Tax Assessment Values Across Chestnut Hill, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Chestnut Hill Assessed Value
$1,383,050
Average Norfolk County Assessed Value
$592,100
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chestnut Hill, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02467 | $857,920 | $1,055,925 | $1,383,050 | $2,037,525 | $3,442,460 |
Source: Ownwell
Property Tax Bills Across Chestnut Hill, Massachusetts
In Chestnut Hill, Norfolk County, MA, property tax bills are calculated based on the assessed value of a home. This value is determined by the local assessor's office, which evaluates the market value of the property. Homeowners in Chestnut Hill face a median home price of $1,383,050. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For instance, the tax bill at the 25th percentile is $10,527, while at the 75th percentile, it rises to $20,314, and at the 90th percentile, it can reach $34,322. This variation illustrates how different property characteristics and assessments can significantly impact the final tax amount. With the highest and lowest median tax bills both recorded at $13,790 in the 02467 zip code, homeowners in Chestnut Hill experience property taxes that can substantially affect their annual financial planning, especially when compared to the national median property tax rate of 0.99%.
Average Chestnut Hill Tax Bill
$13,790
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Chestnut Hill, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02467 | $8,553 | $10,527 | $13,790 | $20,314 | $34,322 |
Source: Ownwell