Squantum, Massachusetts Property Taxes
The median property tax rate in Squantum, MA is 1.13%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Squantum at $759,100, the typical annual property tax bill reaches $8,555, exceeding the national median of $2,690. Property taxes in Squantum 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 Squantum'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 Squantum 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
Squantum, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$8,578
$7,960
Ownwell’s Squantum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Squantum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Squantum 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 Squantum, Massachusetts
Property taxes in Squantum, Massachusetts, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Squantum is 1.13%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Squantum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Squantum 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 Squantum's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02171 zip code has the highest median property tax rate of 1.13%, while the 02171 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Squantum 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 Squantum Tax Rate
1.13%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Squantum, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02171 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Squantum, Massachusetts
In Squantum, 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 Squantum, 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. The median home price in Squantum is $759,100, with tax bills ranging from $7,419 at the 25th percentile to $13,619 at the 90th percentile. The zip code 02171 has both the highest and lowest median tax bill at $8,555. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Squantum, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Squantum Assessed Value
$759,100
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 Squantum, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02171 | $653,710 | $658,300 | $759,100 | $921,525 | $1,208,370 |
Source: Ownwell
Property Tax Bills Across Squantum, Massachusetts
Property tax bills in Squantum, located in Norfolk County, MA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the property's market value. Homeowners in Squantum face a median home price of $759,100, which significantly influences their tax bills. For instance, the 25th percentile tax bill stands at $7,419, while the 75th percentile reaches $10,386, and the 90th percentile soars to $13,619. These tax bills are among the highest in the nation, with the median tax bill in Squantum being $8,555, compared to the national median property tax rate of 0.99%. The considerable property tax bills can impact homeowners by increasing their annual financial obligations, making it crucial for them to plan their budgets accordingly. This high tax rate reflects the premium placed on living in a desirable area like Squantum, with its higher-than-average home values and associated property taxes.
Average Squantum Tax Bill
$8,555
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Squantum, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02171 | $7,368 | $7,419 | $8,555 | $10,386 | $13,619 |
Source: Ownwell