Otis, Massachusetts Property Taxes
The median property tax rate in Otis, MA is 0.66%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Otis at $362,400, the typical annual property tax bill reaches $2,399, which is below the national median of $2,690. Property taxes in Otis 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 Otis'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 Otis 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
Otis, 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 Otis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otis 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 Otis, Massachusetts
Property taxes in Otis, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otis is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Otis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otis 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 Otis's effective property tax rate to other areas in Berkshire County and the national median. For comparison, the zip code 01253 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these areas compare with Otis provides valuable insights into the varying tax landscape across Berkshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otis Tax Rate
0.66%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otis, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01253 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Otis, Massachusetts
In Otis, 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 Berkshire 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 Otis, 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 Otis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01253 has the highest and lowest median tax bill in Otis at $2,399.
Average Otis Assessed Value
$362,400
Average Berkshire County Assessed Value
$256,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otis, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01253 | $136,120 | $232,700 | $362,400 | $530,900 | $722,200 |
Source: Ownwell
Property Tax Bills Across Otis, Massachusetts
In Otis, located in Berkshire 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, which evaluates the property to estimate its market value. This value is then multiplied by the town's tax rate to determine the annual tax bill. For homeowners in Otis, the median home price is $362,400, which provides a benchmark for understanding typical tax bills. The tax bill for the 25th percentile is around $1,540, while those in the 75th percentile can expect to pay about $3,515. At the 90th percentile, the tax bill can reach up to $4,781. These figures highlight the range of property tax burdens depending on the value of the home. Compared to the national median property tax rate of 0.99%, Otis homeowners face varying rates that significantly impact their financial planning and homeownership costs. Understanding these factors can help residents better anticipate their annual property tax obligations.
Average Otis Tax Bill
$2,399
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Otis, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01253 | $901 | $1,540 | $2,399 | $3,515 | $4,781 |
Source: Ownwell