Monroe Bridge, Massachusetts Property Taxes
The median property tax rate in Monroe Bridge, MA is 1.15%, slightly higher than the national median of 0.99% but below the Massachusetts state median of 1.23%. With a median home value of $102,700 in Monroe Bridge, the typical annual property tax bill amounts to $1,177, which is less than the national median of $2,690. Property taxes in Monroe Bridge are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Monroe Bridge'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 Monroe Bridge or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe Bridge, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,181
Ownwell’s Monroe Bridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe Bridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe Bridge 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 Monroe Bridge, Massachusetts
Property taxes in Monroe Bridge, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe Bridge is 1.15%, higher than the U.S. national median of 0.99%. Local government entities within Monroe Bridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe Bridge 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 Monroe Bridge's effective property tax rate to other areas and the national median. For comparison, the zip code 01350 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Monroe Bridge provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Bridge Tax Rate
1.15%
Average Franklin County Tax Rate
1.69%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe Bridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01350 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Monroe Bridge, Massachusetts
In Monroe Bridge, 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 Franklin 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 Monroe Bridge, 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 Monroe Bridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01350 has both the highest and lowest median tax bill, which is $1,177.
Property Tax Assessment Values Across Monroe Bridge, Massachusetts
Source: Ownwell
$41,900
$262,550
$483,200
Average Monroe Bridge Assessed Value
$102,700
Average Franklin County Assessed Value
$252,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe Bridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01350 | $57,200 | $89,100 | $102,700 | $144,500 | $198,200 |
Source: Ownwell
Property Tax Bills Across Monroe Bridge, Massachusetts
In Monroe Bridge, located in Franklin County, MA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Monroe Bridge experience varying tax bills depending on their property's assessed value and the tax rate set by local authorities. For instance, the median home price in Monroe Bridge is $102,700. Property tax bills can range significantly, with the 25th percentile at $1,016 and the 75th percentile reaching $1,661. At the 90th percentile, homeowners might see tax bills as high as $2,291. These figures reflect the local tax rate and the assessed property values, which can be impacted by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Monroe Bridge's tax rates illustrate how local factors can influence the financial responsibilities of homeowners. Understanding these elements is crucial for residents as they plan their finances and assess the affordability of their homes.
Average Monroe Bridge Tax Bill
$1,177
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe Bridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01350 | $653 | $1,016 | $1,177 | $1,661 | $2,291 |
Source: Ownwell