Wellesley, Massachusetts Property Taxes
The median property tax rate in Wellesley, MA is 1.15%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Wellesley at $1,169,000, the typical annual property tax bill reaches $13,397, exceeding the national median of $2,690. Property taxes in Wellesley 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 Wellesley'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 Wellesley 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
Wellesley, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Wellesley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellesley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellesley 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 Wellesley, Massachusetts
Property taxes in Wellesley, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellesley is 1.15%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Wellesley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellesley 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 Wellesley's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the zip code 02481 has the highest median property tax rate of 1.15%, while zip code 02482 has the lowest median tax rate of 1.15%. Understanding how these areas compare with Wellesley 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 Wellesley Tax Rate
1.15%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellesley, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | 1.14% | 1.14% | 1.15% | 1.15% | 1.15% |
| 02482 | 1.14% | 1.14% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Wellesley, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wellesley, Norfolk County, MA. 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 local 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. Assessment notices in Wellesley 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. For instance, the highest median tax bill in Wellesley is $13,419 in the 02482 zip code, while the lowest median tax bill is $11,685 in the 02481 zip code. 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 Wellesley, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Wellesley Assessed Value
$1,169,000
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 Wellesley, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | $870,400 | $893,500 | $1,020,500 | $1,234,000 | $1,286,800 |
| 02482 | $786,000 | $933,000 | $1,169,000 | $1,554,000 | $2,030,600 |
Source: Ownwell
Property Tax Bills Across Wellesley, Massachusetts
In Wellesley, 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 and reflects the market value of the property. Homeowners in Wellesley face a median home price of $1,169,000, which significantly influences the tax bill. The tax rate in Wellesley contributes to property tax bills that vary widely. For example, the 25th percentile tax bill is $10,671, while the 75th percentile tax bill reaches $17,793, and the 90th percentile tax bill can be as high as $23,259. These property taxes directly impact homeowners by affecting their annual expenses. In comparison to the national median property tax rate of 0.99%, Wellesley homeowners often pay higher taxes due to the substantial home values in the area. The highest median tax bill in Wellesley is $13,419 in the 02482 zip code, while the lowest median tax bill is $11,685 in the 02481 zip code. This variation highlights how location within the city can also influence the property tax burden.
Average Wellesley Tax Bill
$13,397
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellesley, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | $9,966 | $10,230 | $11,685 | $14,129 | $14,734 |
| 02482 | $9,000 | $10,683 | $13,419 | $17,805 | $23,287 |
Source: Ownwell