Holbrook, Massachusetts Property Taxes
The median property tax rate in Holbrook, MA is 1.54%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Holbrook, the typical annual property tax bill reaches $6,147, exceeding the national median of $2,690. Property taxes in Holbrook 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 Holbrook'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 Holbrook 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
Holbrook, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$6,155
$5,712
Ownwell’s Holbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holbrook 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 Holbrook, Massachusetts
Property taxes in Holbrook, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holbrook is 1.54%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Holbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holbrook 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 Holbrook's effective property tax rate to other areas in Norfolk County and the national median. For comparison, the zip code 02343 has both the highest and lowest median property tax rate of 1.54%. Understanding how these areas compare with Holbrook 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 Holbrook Tax Rate
1.54%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holbrook, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02343 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Holbrook, Massachusetts
In Holbrook, 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 Holbrook, 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 Holbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 02343, with a median tax bill of $6,147.
Property Tax Assessment Values Across Holbrook, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Holbrook Assessed Value
$399,700
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 Holbrook, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02343 | $322,020 | $358,900 | $399,700 | $459,500 | $550,200 |
Source: Ownwell
Property Tax Bills Across Holbrook, Massachusetts
In Holbrook, Norfolk County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessment office, which evaluates properties periodically to reflect current market conditions. Once the assessed value is established, it is multiplied by the local tax rate to arrive at the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition, as well as recent sales of comparable properties in the area. For homeowners in Holbrook, the median home price is $399,700, which plays a significant role in determining their tax bills. Property taxes in Holbrook can vary widely. For instance, the 25th percentile tax bill is $5,520, while the 75th percentile reaches $7,067, and the 90th percentile is as high as $8,462. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Holbrook Tax Bill
$6,147
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Holbrook, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02343 | $4,952 | $5,520 | $6,147 | $7,067 | $8,462 |
Source: Ownwell