Oakham, Massachusetts Property Taxes
The median property tax rate in Oakham, MA is 1.16%, which is higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Oakham, the typical annual property tax bill reaches $3,745, exceeding the national median of $2,690. Property taxes in Oakham are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oakham'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 Oakham or another part of Worcester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakham, 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 Oakham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakham 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 Oakham, Massachusetts
Property taxes in Oakham, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakham is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Oakham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakham 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 Oakham's effective property tax rate to other areas in Worcester County and the national median. For comparison, the 01068 zip code in Oakham has both the highest and lowest median property tax rate of 1.16%. Understanding how Oakham compares with other areas in Worcester County provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakham Tax Rate
1.16%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01068 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Oakham, Massachusetts
In Oakham, 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 Worcester County Assessor 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 Oakham, 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 Oakham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01068 has the highest median tax bill at $3,745, which is consistent across the area.
Average Oakham Assessed Value
$322,700
Average Worcester County Assessed Value
$360,000
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01068 | $236,780 | $272,450 | $322,700 | $403,380 | $497,740 |
Source: Ownwell
Property Tax Bills Across Oakham, Massachusetts
In Oakham, Worcester County, MA, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate, applied to this assessed value, determines the final tax bill. For example, with a median home price of $322,700, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $3,159, while those in the 75th percentile face bills closer to $4,676. For properties in the 90th percentile, tax bills can reach up to $5,791. These tax bills are influenced by factors such as property size, location, and any improvements made to the home. High property taxes can impact homeowners by increasing the cost of homeownership, potentially affecting affordability and resale value. Comparatively, the national median property tax rate stands at 0.99%, making Oakham's tax landscape an important consideration for potential buyers and current residents alike.
Average Oakham Tax Bill
$3,745
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakham, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01068 | $2,739 | $3,159 | $3,745 | $4,676 | $5,791 |
Source: Ownwell