Milford, Massachusetts Property Taxes
The median property tax rate in Milford, MA is 1.33%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Milford at $447,600, the typical annual property tax bill reaches $5,949, exceeding the national median of $2,690. Property taxes in Milford 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 Milford'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 Milford 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
Milford, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$5,953
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Massachusetts
Property taxes in Milford, Massachusetts, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 1.33%, which is higher than the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01757 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Milford 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 Milford Tax Rate
1.33%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01757 | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Massachusetts
In Milford, 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Milford is $447,600, with tax bills ranging from $4,978 at the 25th percentile to $8,497 at the 90th percentile. The highest and lowest median tax bill in Milford is $5,949, found in zip code 01757.
Average Milford Assessed Value
$447,600
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 Milford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01757 | $310,570 | $374,525 | $447,600 | $537,800 | $639,030 |
Source: Ownwell
Property Tax Bills Across Milford, Massachusetts
In Milford, Worcester County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Milford face a median home price of $447,600. The tax rate applied to this assessed value determines the annual property tax bill. For instance, the property tax bill at the 25th percentile is $4,978, while at the 75th percentile, it rises to $7,150. At the higher end, the 90th percentile tax bill is $8,497, reflecting the variation in property values and tax burdens across the city. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The highest and lowest median tax bills in Milford both stand at $5,949, indicating a uniform tax rate across different areas within the same zip code, 01757. This tax burden can significantly impact homeowners, influencing decisions on buying, selling, or investing in property. Compared to the national median property tax rate of 0.99%, Milford's rates reflect the local economic conditions and municipal funding requirements.
Average Milford Tax Bill
$5,949
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01757 | $4,128 | $4,978 | $5,949 | $7,150 | $8,497 |
Source: Ownwell