Lake Pleasant, Massachusetts Property Taxes
The median property tax rate in Lake Pleasant, MA is 1.57%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Lake Pleasant at $162,200, the typical annual property tax bill reaches $2,538, slightly below the national median of $2,690. Property taxes in Lake Pleasant 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 Lake Pleasant'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 Lake Pleasant 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
Lake Pleasant, 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 Lake Pleasant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Pleasant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Pleasant 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 Lake Pleasant, Massachusetts
Property taxes in Lake Pleasant, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Pleasant is 1.57%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Lake Pleasant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Pleasant 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 Lake Pleasant's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01347 zip code has both the highest and lowest median property tax rate of 1.57%. Understanding how these cities compare with Lake Pleasant provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Pleasant Tax Rate
1.57%
Average Franklin County Tax Rate
1.69%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Pleasant, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01347 | 1.56% | 1.56% | 1.57% | 1.57% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Lake Pleasant, Massachusetts
In Lake Pleasant, 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 Franklin County Assessor 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 Lake Pleasant, 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. The median home price in Lake Pleasant is $162,200, with tax bills ranging from $2,112 at the 25th percentile to $3,676 at the 90th percentile. The zip code 01347 has the highest and lowest median tax bill at $2,538. Being aware of these valuation processes in Lake Pleasant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Pleasant, Massachusetts
Source: Ownwell
$41,900
$262,550
$483,200
Average Lake Pleasant Assessed Value
$162,200
Average Franklin County Assessed Value
$252,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Pleasant, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01347 | $108,470 | $134,925 | $162,200 | $192,000 | $234,900 |
Source: Ownwell
Property Tax Bills Across Lake Pleasant, Massachusetts
In Lake Pleasant, located in Franklin County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $162,200, homeowners can expect varying tax bills. Several factors influence the final tax bill, including property characteristics, market conditions, and any applicable exemptions. In Lake Pleasant, the 25th percentile tax bill is around $2,112, while the 75th percentile reaches $3,004, and the 90th percentile can be as high as $3,676. These figures show that tax bills can significantly vary, impacting homeowners differently based on their property’s assessed value. Comparatively, the national median property tax rate is 0.99%, making Lake Pleasant's rates relatively moderate. This variability in tax bills underscores the importance of understanding local property tax assessments and potential exemptions to manage annual expenses effectively.
Average Lake Pleasant Tax Bill
$2,538
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Pleasant, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01347 | $1,697 | $2,112 | $2,538 | $3,004 | $3,676 |
Source: Ownwell