Savoy, Massachusetts Property Taxes
The median property tax rate in Savoy, MA is 1.37%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Savoy, the typical annual property tax bill reaches $2,538, slightly below the national median of $2,690. Property taxes in Savoy 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 Savoy'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 Savoy or another part of Berkshire County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Savoy, 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 Savoy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Savoy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Savoy 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 Savoy, Massachusetts
Property taxes in Savoy, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savoy is 1.37%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Savoy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savoy 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 Savoy's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01256 zip code has the highest median property tax rate of 1.37%, while the 01256 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Savoy provides valuable insights into the varying tax landscape across Berkshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savoy Tax Rate
1.37%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savoy, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01256 | 1.37% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Savoy, Massachusetts
In Savoy, 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 Berkshire 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 Savoy, 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 Savoy is $185,300, with tax bills ranging from $1,722 at the 25th percentile to $4,101 at the 90th percentile. Notably, the highest and lowest median tax bills are both $2,538, found in the 01256 zip code. 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.
Average Savoy Assessed Value
$185,300
Average Berkshire County Assessed Value
$256,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savoy, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01256 | $75,500 | $126,425 | $185,300 | $243,425 | $299,570 |
Source: Ownwell
Property Tax Bills Across Savoy, Massachusetts
In Savoy, Berkshire County, MA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors, including the property's market value, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $185,300 in Savoy, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $1,722, while the 75th percentile tax bill reaches around $3,339. For those at the 90th percentile, the tax bill can be as high as $4,101. These figures illustrate the range of property tax obligations that homeowners might face, influenced by the assessed value of their properties. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Savoy to understand how these assessments and rates impact their financial responsibilities.
Average Savoy Tax Bill
$2,538
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Savoy, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01256 | $1,034 | $1,722 | $2,538 | $3,339 | $4,101 |
Source: Ownwell