Wellesley Hills, Massachusetts Property Taxes
The median property tax rate in Wellesley Hills, 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 Hills at $1,430,000, the typical annual property tax bill reaches $16,374, exceeding the national median of $2,690. Property taxes in Wellesley Hills 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 Hills' 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 Hills 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 Hills, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$16,445
$15,261
Ownwell’s Wellesley Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellesley Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellesley Hills 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 Hills, Massachusetts
Property taxes in Wellesley Hills, Massachusetts, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Wellesley Hills is 1.15%, which is higher than the U.S. national median of 0.99%. Local government entities within Wellesley Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellesley Hills estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Hills' effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 02481 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Wellesley Hills 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 Hills 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 Hills, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | 1.14% | 1.14% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Wellesley Hills, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wellesley Hills, 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 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 Wellesley Hills, 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. For example, the median home price in Wellesley Hills is $1,430,000, with tax bills ranging from $12,183 at the 25th percentile to $30,805 at the 90th percentile. The zip code 02481 has both the highest and lowest median tax bills at $16,374. 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 Hills, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Wellesley Hills Assessed Value
$1,430,000
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 Hills, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | $897,000 | $1,064,000 | $1,430,000 | $1,931,000 | $2,690,400 |
Source: Ownwell
Property Tax Bills Across Wellesley Hills, Massachusetts
In Wellesley Hills, 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. Homeowners in Wellesley Hills face a property tax rate that is influenced by the town's budgetary needs and voter-approved levies. Several factors are considered when determining the tax bill, including the property's size, location, and condition. For example, the median home price in Wellesley Hills is $1,430,000, and the property tax rate is applied to this assessed value to calculate the tax bill. Homeowners can expect a tax bill ranging from $12,183 at the 25th percentile to $30,805 at the 90th percentile. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Wellesley Hills homeowners generally face higher property taxes, reflecting the area's high property values and local funding requirements.
Average Wellesley Hills Tax Bill
$16,374
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 Hills, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02481 | $10,271 | $12,183 | $16,374 | $22,110 | $30,805 |
Source: Ownwell