South Walpole, Massachusetts Property Taxes
The median property tax rate in South Walpole, MA is 1.39%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in South Walpole at $596,400, the typical annual property tax bill reaches $8,341, exceeding the national median of $2,690. Property taxes in South Walpole 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 South Walpole'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 South Walpole 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
South Walpole, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$8,290
$7,693
Ownwell’s South Walpole Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Walpole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Walpole 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 South Walpole, Massachusetts
Property taxes in South Walpole, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Walpole is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Walpole set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Walpole 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 South Walpole's effective property tax rate to other areas in Norfolk County and the national median. For comparison, the zip code 02071 has both the highest and lowest median property tax rate of 1.39%. Understanding how these areas compare with South Walpole 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 South Walpole Tax Rate
1.39%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Walpole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02071 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across South Walpole, Massachusetts
In South Walpole, 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 South Walpole, 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 South Walpole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $596,400, with tax bills ranging from $7,216 at the 25th percentile to $12,379 at the 90th percentile. The zip code 02071 has the highest and lowest median tax bill at $8,341.
Property Tax Assessment Values Across South Walpole, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average South Walpole Assessed Value
$596,400
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 South Walpole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02071 | $458,900 | $518,000 | $596,400 | $779,650 | $891,200 |
Source: Ownwell
Property Tax Bills Across South Walpole, Massachusetts
In South Walpole, 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 local assessor's office and reflects the market value of the property. For instance, the median home price in South Walpole is $596,400. The local property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. Homeowners in South Walpole can expect their tax bills to vary significantly. While the 25th percentile tax bill is around $7,216, those in the 75th percentile pay approximately $10,875. At the higher end, the 90th percentile tax bill reaches $12,379. This variation in tax bills can significantly impact homeowners' finances, making it essential to understand how local property taxes are calculated and what factors might affect their assessments.
Average South Walpole Tax Bill
$8,341
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across South Walpole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02071 | $6,469 | $7,216 | $8,341 | $10,875 | $12,379 |
Source: Ownwell