Norwell, Massachusetts Property Taxes
The median property tax rate in Norwell, MA is 1.53%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Norwell, the typical annual property tax bill reaches $10,432, exceeding the national median of $2,690. Property taxes in Norwell 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 Norwell'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 Norwell 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
Norwell, 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 Norwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwell 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 Norwell, Massachusetts
Property taxes in Norwell, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norwell is 1.53%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Norwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwell 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 Norwell's effective property tax rate to other areas in Plymouth County and the national median. For comparison, the 02061 zip code has the highest median property tax rate of 1.53%, while the same zip code also has the lowest median tax rate of 1.53%. Understanding how these areas compare with Norwell provides valuable insights into the varying tax landscape across Plymouth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norwell Tax Rate
1.53%
Average Plymouth County Tax Rate
1.30%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norwell, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02061 | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Norwell, Massachusetts
In Norwell, 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 Plymouth 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 Norwell, 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 Norwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Norwell is $682,300, with the 25th percentile tax bill at $8,523 and the 75th percentile at $14,000. The highest and lowest median tax bills are both $10,432 in zip code 02061.
Property Tax Assessment Values Across Norwell, Massachusetts
Source: Ownwell
$292,450
$663,075
$1,033,700
Average Norwell Assessed Value
$682,300
Average Plymouth County Assessed Value
$476,400
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norwell, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02061 | $475,820 | $557,400 | $682,300 | $915,600 | $1,213,900 |
Source: Ownwell
Property Tax Bills Across Norwell, Massachusetts
In Norwell, located in Plymouth County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. Home assessments reflect the market value of the property, which in Norwell has a median home price of $682,300. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. In Norwell, homeowners can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is $8,523, while the 75th percentile tax bill reaches $14,000. At the 90th percentile, tax bills can soar to $18,560. These property taxes significantly impact homeowners, as they represent a substantial annual expense that must be budgeted for. Compared to the national median property tax rate of 0.99%, Norwell's rates are relatively high, reflecting the area's higher property values and the corresponding need for local revenue.
Average Norwell Tax Bill
$10,432
Average Plymouth County Tax Bill
$6,149
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Norwell, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02061 | $7,275 | $8,523 | $10,432 | $14,000 | $18,560 |
Source: Ownwell