Hopedale, Massachusetts Property Taxes
The median property tax rate in Hopedale, MA is 1.66%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Hopedale, the typical annual property tax bill reaches $6,655, exceeding the national median of $2,690. Property taxes in Hopedale 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 Hopedale'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 Hopedale 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
Hopedale, 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 Hopedale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopedale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopedale 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 Hopedale, Massachusetts
Property taxes in Hopedale, Massachusetts, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopedale is 1.66%, significantly higher than the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Hopedale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopedale 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 Hopedale's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the zip code with the highest median property tax rate in Hopedale is 01747, with a rate of 1.66%, while the zip code with the lowest median tax rate is also 01747, with a rate of 1.66%. Understanding how these areas compare with Hopedale provides valuable insights into the varying tax landscape across Worcester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopedale Tax Rate
1.66%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopedale, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01747 | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Hopedale, Massachusetts
In Hopedale, 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 Worcester 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 Hopedale, 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 Hopedale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hopedale is $401,000, with tax bills ranging from $5,508 at the 25th percentile to $11,062 at the 90th percentile. The highest and lowest median tax bills both stand at $6,655 in the 01747 zip code.
Property Tax Assessment Values Across Hopedale, Massachusetts
Source: Ownwell
$117,500
$415,400
$713,300
Average Hopedale Assessed Value
$401,000
Average Worcester County Assessed Value
$360,000
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopedale, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01747 | $289,690 | $331,950 | $401,000 | $525,525 | $666,340 |
Source: Ownwell
Property Tax Bills Across Hopedale, Massachusetts
In Hopedale, located in Worcester 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 and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $401,000 in Hopedale, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is $5,508, while at the 75th percentile, it rises to $8,724. For those in the 90th percentile, the tax bill can be as high as $11,062. The highest and lowest median tax bills in the area are both $6,655, indicating a consistent rate within the zip code 01747. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Hopedale Tax Bill
$6,655
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopedale, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01747 | $4,807 | $5,508 | $6,655 | $8,724 | $11,062 |
Source: Ownwell