South Lee, Massachusetts Property Taxes
The median property tax rate in South Lee, MA is 1.18%, considerably higher than the national median of 0.99% but slightly lower than the Massachusetts state median of 1.23%. With a median home value of $296,100 in South Lee, the typical annual property tax bill reaches $3,503, exceeding the national median of $2,690. Property taxes in South Lee 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 South Lee'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 South Lee 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
South Lee, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$3,494
Ownwell’s South Lee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Lee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Lee 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 South Lee, Massachusetts
Property taxes in South Lee, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Lee is 1.18%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within South Lee set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Lee 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 South Lee's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01260 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with South Lee 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 South Lee Tax Rate
1.18%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Lee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01260 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across South Lee, Massachusetts
In South Lee, 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 South Lee, 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. For example, the median home price in South Lee is $296,100, resulting in varying tax bills such as $2,773 at the 25th percentile and $5,651 at the 90th percentile. The highest and lowest median tax bills are both $3,503 in the 01260 zip code. 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.
Property Tax Assessment Values Across South Lee, Massachusetts
Source: Ownwell
$84,400
$502,600
$920,800
Average South Lee Assessed Value
$296,100
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 South Lee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01260 | $199,800 | $234,400 | $296,100 | $355,500 | $477,640 |
Source: Ownwell
Property Tax Bills Across South Lee, Massachusetts
In South Lee, Berkshire County, MA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in South Lee is $296,100, and the property tax rate in this area plays a crucial role in determining the tax bill for homeowners. The assessed value is determined by local assessors who evaluate the property's market value. Factors such as property size, location, and improvements are considered in this assessment. Homeowners in South Lee can expect a range of tax bills, with the 25th percentile at $2,773 and the 75th percentile at $4,206. For those at the 90th percentile, tax bills can go up to $5,651. This variability affects homeowners differently, with higher-valued properties facing steeper tax bills. Compared to the national median property tax rate of 0.99%, South Lee's rates reflect the region's specific economic conditions and property values. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average South Lee Tax Bill
$3,503
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across South Lee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01260 | $2,363 | $2,773 | $3,503 | $4,206 | $5,651 |
Source: Ownwell