Cohasset, Massachusetts Property Taxes
The median property tax rate in Cohasset, MA is 1.18%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Cohasset at $934,300, the typical annual property tax bill reaches $11,025, exceeding the national median of $2,690. Property taxes in Cohasset 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 Cohasset'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 Cohasset 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
Cohasset, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$11,025
Ownwell’s Cohasset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cohasset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cohasset 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 Cohasset, Massachusetts
Property taxes in Cohasset, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cohasset is 1.18%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Cohasset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cohasset 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 Cohasset's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02025 zip code has the highest median property tax rate of 1.18%, while the 02025 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Cohasset 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 Cohasset Tax Rate
1.18%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cohasset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02025 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Cohasset, Massachusetts
In Cohasset, 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 Assessor 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 Cohasset, 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 Cohasset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 02025 has the highest and lowest median tax bill of $11,025, reflecting the town's uniformity in property valuations.
Property Tax Assessment Values Across Cohasset, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Cohasset Assessed Value
$934,300
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 Cohasset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02025 | $502,500 | $658,600 | $934,300 | $1,339,700 | $2,061,800 |
Source: Ownwell
Property Tax Bills Across Cohasset, Massachusetts
In Cohasset, Norfolk County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Cohasset stands at $934,300, significantly higher than the national median. This high market value directly influences the tax bill, which is determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and improvements also play a role in the assessment. For instance, homes falling within the 25th percentile have tax bills around $7,771, while those in the 75th percentile see bills of approximately $15,808. At the 90th percentile, homeowners could face tax bills as high as $24,329. These substantial tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. In Cohasset, the highest and lowest median tax bills both stand at $11,025, reflecting the uniformity in property valuations within the zip code 02025.
Average Cohasset Tax Bill
$11,025
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Cohasset, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02025 | $5,930 | $7,771 | $11,025 | $15,808 | $24,329 |
Source: Ownwell