Southampton, Massachusetts Property Taxes
The median property tax rate in Southampton, MA is 1.43%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Southampton at $353,900, the typical annual property tax bill reaches $5,071, exceeding the national median of $2,690. Property taxes in Southampton 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 Southampton'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 Southampton 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
Southampton, 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 Southampton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Southampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southampton to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Southampton, Massachusetts
Property taxes in Southampton, Massachusetts, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Southampton is 1.43%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Southampton set these rates annually, and they can vary across different neighborhoods. Each year, Southampton 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 Southampton's effective property tax rate to other counties in Massachusetts and the national median. For comparison, Southampton has the highest median property tax rate of 1.43%, while it also has the lowest median tax rate of 1.43%. Understanding how these figures compare with Southampton 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 Southampton Tax Rate
1.43%
Average Hampshire County Tax Rate
1.63%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southampton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01073 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Southampton, Massachusetts
In Southampton, 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 Southampton, 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 Southampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,071, found in the 01073 zip code.
Property Tax Assessment Values Across Southampton, Massachusetts
Source: Ownwell
$189,450
$450,950
$712,450
Average Southampton Assessed Value
$353,900
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 Southampton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01073 | $234,700 | $282,100 | $353,900 | $445,150 | $552,820 |
Source: Ownwell
Property Tax Bills Across Southampton, Massachusetts
In Southampton, Hampshire 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 local assessors who evaluate the property’s market value. This assessed value is then multiplied by the tax rate to determine the annual tax bill. For instance, the median home price in Southampton is $353,900, and the tax bills can vary significantly. Homeowners in the 25th percentile pay around $4,042, while those in the 75th percentile face bills of approximately $6,379. At the 90th percentile, tax bills can reach up to $7,922. These tax bills are crucial for homeowners as they directly impact the affordability of owning a home. Southampton's median tax bill stands at $5,071, which is above the national median property tax rate of 0.99%. This higher rate can influence decisions on buying or selling property in the area, making it essential for homeowners to stay informed about their property tax obligations.
Average Southampton Tax Bill
$5,071
Average Hampshire County Tax Bill
$5,000
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Southampton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01073 | $3,363 | $4,042 | $5,071 | $6,379 | $7,922 |
Source: Ownwell