Chelsea, Massachusetts Property Taxes
The median property tax rate in Chelsea, MA is 1.24%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Chelsea at $489,650, the typical annual property tax bill reaches $6,062, exceeding the national median of $2,690. Property taxes in Chelsea 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 Chelsea'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 Chelsea 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
Chelsea, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$6,072
$5,634
Ownwell’s Chelsea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chelsea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chelsea 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 Chelsea, Massachusetts
Property taxes in Chelsea, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chelsea is 1.24%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Chelsea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chelsea 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 Chelsea's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02150 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Chelsea provides valuable insights into the varying tax landscape across Suffolk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chelsea Tax Rate
1.24%
Average Suffolk County Tax Rate
1.07%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chelsea, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02150 | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Chelsea, Massachusetts
In Chelsea, 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 Suffolk 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 Chelsea, 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. The median home price in Chelsea stands at $489,650, with tax bills ranging from $4,578 at the 25th percentile to $9,496 at the 90th percentile. The highest and lowest median tax bills, both at $6,062, are found in the 02150 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, and apply for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Chelsea, Massachusetts
Source: Ownwell
$84,600
$1,690,350
$3,296,100
Average Chelsea Assessed Value
$489,650
Average Suffolk County Assessed Value
$641,300
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chelsea, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02150 | $280,860 | $369,825 | $489,650 | $640,425 | $767,050 |
Source: Ownwell
Property Tax Bills Across Chelsea, Massachusetts
Property tax bills in Chelsea, Suffolk County, MA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local tax assessor, who evaluates the property's market value and any improvements or changes made. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. In Chelsea, the median home price is $489,650, leading to varying tax bills across different percentiles. For instance, homeowners in the 25th percentile face tax bills around $4,578, while those in the 75th percentile see bills closer to $7,928. The highest median tax bill in the area reaches $6,062, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must budget for these taxes, as they can significantly affect overall housing costs and long-term financial planning.
Average Chelsea Tax Bill
$6,062
Average Suffolk County Tax Bill
$6,836
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Chelsea, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02150 | $3,477 | $4,578 | $6,062 | $7,928 | $9,496 |
Source: Ownwell