Hyde Park, Massachusetts Property Taxes
The median property tax rate in Hyde Park, MA is 1.07%, higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $505,050 in Hyde Park, the typical annual property tax bill reaches $5,424, significantly exceeding the national median of $2,690. Property taxes in Hyde Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hyde Park'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 Hyde Park or another part of Suffolk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hyde Park, 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 Hyde Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hyde Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hyde Park 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 Hyde Park, Massachusetts
Property taxes in Hyde Park, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hyde Park is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Hyde Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hyde Park 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 Hyde Park's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 02136 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Hyde Park 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 Hyde Park Tax Rate
1.07%
Average Suffolk County Tax Rate
1.07%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hyde Park, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02136 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Hyde Park, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hyde Park, 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 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 Hyde Park, 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 this area is $505,050, with the 25th percentile tax bill at $4,633 and the 75th percentile at $6,531. The highest and lowest median tax bills are both $5,424, found in zip code 02136. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hyde Park, Massachusetts
Source: Ownwell
$84,600
$1,690,350
$3,296,100
Average Hyde Park Assessed Value
$505,050
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 Hyde Park, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02136 | $352,830 | $431,375 | $505,050 | $608,125 | $716,770 |
Source: Ownwell
Property Tax Bills Across Hyde Park, Massachusetts
In Hyde Park, Suffolk County, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $505,050, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include property size, location, and any applicable exemptions. For example, the tax bill at the 25th percentile is $4,633, while at the 75th percentile, it rises to $6,531. The 90th percentile tax bill can reach up to $7,698. These figures highlight the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Hyde Park's property taxes can significantly impact homeowners, making it crucial for them to understand their assessed values and potential exemptions.
Average Hyde Park Tax Bill
$5,424
Average Suffolk County Tax Bill
$6,836
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hyde Park, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02136 | $3,789 | $4,633 | $5,424 | $6,531 | $7,698 |
Source: Ownwell