Medfield, Massachusetts Property Taxes
The median property tax rate in Medfield, 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 Medfield at $735,200, the typical annual property tax bill reaches $11,343, significantly exceeding the national median of $2,690. Property taxes in Medfield 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 Medfield'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 Medfield 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
Medfield, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$11,322
$10,507
Ownwell’s Medfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medfield 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 Medfield, Massachusetts
Property taxes in Medfield, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medfield is 1.54%, significantly higher than the U.S. national median of 0.99%. Local government entities within Medfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medfield 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 Medfield's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02052 zip code has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these figures compare with Medfield 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 Medfield 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 Medfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02052 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Medfield, Massachusetts
In Medfield, 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 Medfield, 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 Medfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Medfield is $735,200, with the highest and lowest median tax bills being $11,343 in the 02052 zip code.
Property Tax Assessment Values Across Medfield, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Medfield Assessed Value
$735,200
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 Medfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02052 | $520,600 | $617,400 | $735,200 | $961,900 | $1,192,100 |
Source: Ownwell
Property Tax Bills Across Medfield, Massachusetts
In Medfield, Norfolk County, MA, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the town's assessor and represents the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Medfield, the median home price is $735,200, which significantly impacts the property tax bill. The tax bill for the 25th percentile is $9,526, while the 75th percentile sees a tax bill of $14,842, and the 90th percentile reaches up to $18,394. These figures indicate that property taxes in Medfield can vary widely depending on the home's assessed value, but they are generally higher than the national median property tax rate of 0.99%. Homeowners in Medfield, therefore, need to be aware of these factors as they directly influence the affordability and financial planning related to their property. The highest and lowest median tax bills in the area are both $11,343, reflecting the uniformity in tax rates within the zip code 02052.
Average Medfield Tax Bill
$11,343
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Medfield, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02052 | $8,033 | $9,526 | $11,343 | $14,842 | $18,394 |
Source: Ownwell