Westwood, Massachusetts Property Taxes
The median property tax rate in Westwood, MA is 1.43%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Westwood at $786,000, the typical annual property tax bill reaches $11,240, significantly exceeding the national median of $2,690. Property taxes in Westwood 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 Westwood'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 Westwood 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
Westwood, 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 Westwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westwood 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 Westwood, Massachusetts
Property taxes in Westwood, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westwood is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Westwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westwood 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 Westwood's effective property tax rate to other areas in Norfolk County and the national median. For comparison, the zip code 02090 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Westwood 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 Westwood Tax Rate
1.43%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westwood, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02090 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Westwood, Massachusetts
In Westwood, 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 Westwood, 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 Westwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Westwood both stand at $11,240 in the zip code 02090.
Property Tax Assessment Values Across Westwood, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Westwood Assessed Value
$786,000
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 Westwood, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02090 | $542,040 | $625,750 | $786,000 | $1,050,800 | $1,508,420 |
Source: Ownwell
Property Tax Bills Across Westwood, Massachusetts
In Westwood, 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 local assessor's office, which evaluates the property's market value and then applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, condition, and any recent improvements or renovations. For homeowners in Westwood, the median home price is $786,000, which significantly impacts their tax bills. The tax bill for the 25th percentile is $8,948, while those in the 75th percentile face a bill of $15,026. At the 90th percentile, homeowners can expect to pay around $21,570 annually. These property tax bills can be substantial, affecting homeowners' budgets and financial planning. With the national median property tax rate at 0.99%, Westwood's tax rates and home values contribute to higher-than-average property tax bills in the area.
Average Westwood Tax Bill
$11,240
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Westwood, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02090 | $7,751 | $8,948 | $11,240 | $15,026 | $21,570 |
Source: Ownwell