Palmer, Massachusetts Property Taxes
The median property tax rate in Palmer, MA is 1.73%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Palmer at $292,600, the typical annual property tax bill reaches $5,050, exceeding the national median of $2,690. Property taxes in Palmer 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 Palmer'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 Palmer 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
Palmer, 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 Palmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmer 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 Palmer, Massachusetts
Property taxes in Palmer, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 1.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01069 zip code has the highest median property tax rate of 1.73%, while the same zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Palmer provides valuable insights into the varying tax landscape across Hampshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmer Tax Rate
1.73%
Average Hampshire County Tax Rate
1.63%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01069 | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Massachusetts
In Palmer, 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 Hampshire 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 Palmer, 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 Palmer is $292,600, with tax bills ranging from $4,212 at the 25th percentile to $5,927 at the 90th percentile. Notably, the zip code 01069 has the highest and lowest median tax bill of $5,050. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmer Assessed Value
$292,600
Average Hampshire County Assessed Value
$310,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmer, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01069 | $225,495 | $244,055 | $292,600 | $326,400 | $343,440 |
Source: Ownwell
Property Tax Bills Across Palmer, Massachusetts
In Palmer, Hampshire County, MA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value as determined by the local assessor. Factors influencing this value include the property's size, age, condition, and location. For homeowners in Palmer, the median home price is $292,600. The property tax rate in Palmer is higher than the national median of 0.99%. As a result, homeowners can expect to pay significant property taxes. For instance, the 25th percentile tax bill is $4,212, while the 75th percentile tax bill reaches $5,633. Those in the 90th percentile face even higher bills, around $5,927. These tax bills directly impact homeowners' finances, influencing decisions on home purchases and long-term affordability. With the highest and lowest median tax bills both at $5,050 in zip code 01069, it’s clear that property taxes are a considerable expense for Palmer residents.
Average Palmer Tax Bill
$5,050
Average Hampshire County Tax Bill
$5,000
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01069 | $3,892 | $4,212 | $5,050 | $5,633 | $5,927 |
Source: Ownwell