Wakefield Property Taxes Explained — What You’ll Pay by Neighborhood

by Peter Pezzano

One of the biggest ongoing costs of home‑ownership in Wakefield is property tax. Understanding how the tax is calculated, current rates, and how different neighborhoods compare will give you peace of mind before you buy.

How Wakefield calculates property taxes
For FY2025, Wakefield’s residential tax rate is $11.35 per $1,000 of assessed value. Wakefield+1
The assessment is usually based on market value as of Jan. 1, 2024 for FY2025. Local Headlines+1
So if your home is assessed at $700,000, you multiply 700 × 11.35 = $7,945 in annual taxes.

Rate comparison & nearby towns
Compared to many Massachusetts suburbs, Wakefield’s rate is moderate. Local data list Wakefield’s effective property tax rate around 1.14% of home value. Ownwell
Average tax bill in Wakefield is listed as $8,809. MMA+1

By‑neighborhood or ZIP code
In Wakefield, neighborhoods such as Greenwood have higher home values (median listing ~$885K) which means higher dollar tax bills. Realtor
Montrose is more affordable (~$624.5K median list) so tax bills may be lower accordingly. Realtor
Thus even with the same rate, tax bills vary due to assessed values.

Exemptions, abatements & programs
Homeowners in Wakefield should ask about any tax relief programs for seniors or veterans, and check with the Assessor’s Office about potential abatements.
Awareness of upcoming tax increases – for FY2025 residential property owners faced an increase of about 4.5% in tax bills. Local Headlines

How tax bills have trended
As home values have increased, tax bills have followed. For example, the Town noted that the average single‑family assessed value rose ~3.4% for FY2025. Local Headlines
If property values continue climbing, expect tax bills to rise unless rates are adjusted downward.

If you’re comparing homes in different Wakefield neighborhoods (e.g., Greenwood vs Montrose), always factor in the tax bill. I can pull recent assessed values and estimated tax bills for any home you’re considering to help you budget accurately.