Chicopee, Massachusetts Property Taxes
The median property tax rate in Chicopee, MA is 1.75%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Chicopee at $210,600, the typical annual property tax bill reaches $3,696, exceeding the national median of $2,690. Property taxes in Chicopee 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 Chicopee'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 Chicopee 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
Chicopee, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$3,686
Ownwell’s Chicopee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chicopee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chicopee 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 Chicopee, Massachusetts
Property taxes in Chicopee, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chicopee is 1.75%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Chicopee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chicopee 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 Chicopee's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01020 zip code has the highest median property tax rate of 1.75%, while the 01020 zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Chicopee provides valuable insights into the varying tax landscape across Hampshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chicopee Tax Rate
1.75%
Average Hampshire County Tax Rate
1.63%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chicopee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01020 | 1.75% | 1.75% | 1.75% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Chicopee, Massachusetts
In Chicopee, 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 local 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 Chicopee, 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. Being aware of these valuation processes in Chicopee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01020 holds both the highest and lowest median tax bills at $3,696.
Property Tax Assessment Values Across Chicopee, Massachusetts
Source: Ownwell
$189,450
$450,950
$712,450
Average Chicopee Assessed Value
$210,600
Average Hampshire County Assessed Value
$310,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chicopee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01020 | $200,520 | $204,300 | $210,600 | $216,900 | $220,680 |
Source: Ownwell
Property Tax Bills Across Chicopee, Massachusetts
Property tax bills in Chicopee, located in Hampshire County, Massachusetts, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the city's assessor and is intended to reflect the market value of the property. Once the property is assessed, the tax rate, which is set by local authorities, is applied to this value to calculate the annual tax bill. For homeowners in Chicopee, the median home price is $210,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,586 and the 75th percentile tax bill at $3,806. The 90th percentile tax bill is slightly higher at $3,873. Interestingly, the highest and lowest median tax bills in the area both stand at $3,696, specifically in the 01020 zip code. These property tax bills play a crucial role in funding local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners better manage their financial planning and anticipate yearly expenses.
Average Chicopee Tax Bill
$3,696
Average Hampshire County Tax Bill
$5,000
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Chicopee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01020 | $3,519 | $3,586 | $3,696 | $3,806 | $3,873 |
Source: Ownwell