Richmond, Massachusetts Property Taxes
The median property tax rate in Richmond, MA is 1.07%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Richmond, the typical annual property tax bill reaches $5,277, exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, 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 Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Berkshire County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Richmond, Massachusetts
Property taxes in Richmond, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 1.07%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the 01254 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Richmond 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 Richmond Tax Rate
1.07%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01254 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Richmond, Massachusetts. 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 Richmond, 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. The median home price in Richmond is $498,500, with tax bills ranging from $3,742 at the 25th percentile to $12,053 at the 90th percentile. The highest and lowest median tax bills are both $5,277 in zip code 01254. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richmond Assessed Value
$498,500
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 Richmond, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01254 | $269,100 | $351,800 | $498,500 | $762,800 | $1,130,660 |
Source: Ownwell
Property Tax Bills Across Richmond, Massachusetts
In Richmond, 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 local assessors who evaluate various factors such as property size, location, and market conditions. Homeowners in Richmond experience property tax bills that can vary significantly: the 25th percentile tax bill is around $3,742, while the 75th percentile reaches $8,131, and the 90th percentile can be as high as $12,053. These figures reflect the diversity in property values and the impact of local tax rates. Compared to the national median property tax rate of 0.99%, Richmond homeowners see a substantial range in their tax liabilities. For instance, the highest median tax bill in the area is $5,277 in the 01254 zip code. This variation can influence homeowners' financial planning and affordability of living in Richmond. Understanding these factors helps residents anticipate their annual tax responsibilities and manage their household budgets effectively.
Average Richmond Tax Bill
$5,277
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01254 | $2,869 | $3,742 | $5,277 | $8,131 | $12,053 |
Source: Ownwell