Walpole, Massachusetts Property Taxes
The median property tax rate in 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 Walpole at $552,450, the typical annual property tax bill reaches $7,670, exceeding the national median of $2,690. Property taxes in 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 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 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
Walpole, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$7,679
$7,126
Ownwell’s Walpole Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walpole with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Walpole to project your property tax bill. This valuable tool offers clarity on potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, you can find trends and localized information by exploring further. Your property’s assessed value is determined by Norfolk County for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Walpole, Massachusetts
Property taxes in 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 Walpole is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Walpole set these rates annually, and they can vary across different neighborhoods. Each year, 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 Walpole's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02081 zip code has both the highest and lowest median property tax rate of 1.39%. Understanding how these cities compare with 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 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 Walpole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02081 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Walpole, Massachusetts
In 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 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 Walpole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Walpole are both $7,670, found in zip code 02081.
Property Tax Assessment Values Across Walpole, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Walpole Assessed Value
$552,450
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 Walpole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02081 | $396,100 | $474,500 | $552,450 | $712,475 | $937,580 |
Source: Ownwell
Property Tax Bills Across Walpole, Massachusetts
In Walpole, located in 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 assessor and reflects the estimated market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in Walpole can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is around $6,591, while at the 75th percentile, it rises to approximately $9,863. For those at the 90th percentile, the tax bill can be as high as $12,997. The highest and lowest median tax bills in Walpole are both $7,670, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills can impact homeowners by influencing their overall housing costs, potentially affecting affordability and the decision to buy or sell property in the area.
Average Walpole Tax Bill
$7,670
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Walpole, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02081 | $5,502 | $6,591 | $7,670 | $9,863 | $12,997 |
Source: Ownwell