Granby, Massachusetts Property Taxes
The median property tax rate in Granby, MA is 1.71%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Granby at $296,000, the typical annual property tax bill reaches $5,065, exceeding the national median of $2,690. Property taxes in Granby 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 Granby'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 Granby 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
Granby, 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 Granby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granby 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 Granby, Massachusetts
Property taxes in Granby, Massachusetts, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Granby is 1.71%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Granby set these rates annually, and they can vary considerably across different neighborhoods. Each year, Granby 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. For comparison, the zip code 01033 has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Granby 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 Granby Tax Rate
1.71%
Average Hampshire County Tax Rate
1.63%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granby, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01033 | 1.71% | 1.71% | 1.71% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Granby, Massachusetts
In Granby, 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 Hampshire 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 Granby, 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 Granby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5065 in zip code 01033.
Average Granby Assessed Value
$296,000
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 Granby, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01033 | $207,200 | $241,250 | $296,000 | $391,050 | $514,700 |
Source: Ownwell
Property Tax Bills Across Granby, Massachusetts
In Granby, Massachusetts, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Granby can expect their tax rates to be influenced by factors such as property size, location, and condition. The median home price in Granby is $296,000, and property tax rates here result in a tax bill that can vary significantly. For instance, homeowners in the 25th percentile pay around $4,128 annually, while those in the 75th percentile face bills closer to $6,690. At the 90th percentile, tax bills can reach as high as $8,806. These figures highlight the variability in property tax burdens based on property assessments. Compared to the national median property tax rate of 0.99%, Granby's rates can be relatively high, impacting homeowners' overall financial planning and housing affordability. Understanding these factors is crucial for residents to manage their property tax obligations effectively.
Average Granby Tax Bill
$5,065
Average Hampshire County Tax Bill
$5,000
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Granby, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01033 | $3,545 | $4,128 | $5,065 | $6,690 | $8,806 |
Source: Ownwell