Spencer, Massachusetts Property Taxes
The median property tax rate in Spencer, MA is 1.21%, slightly higher than the national median of 0.99% but a bit lower than the Massachusetts state median of 1.23%. With a median home value of $302,250 in Spencer, the typical annual property tax bill amounts to $3,646, significantly surpassing the national median of $2,690. Property taxes in Spencer are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Spencer's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're situated in the heart of Spencer or another part of Worcester County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Spencer, 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 Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Massachusetts
Property taxes in Spencer, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 1.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other areas and the national median. For comparison, the zip code 01562 has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Spencer provides valuable insights into the varying tax landscape across Worcester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
1.21%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01562 | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Massachusetts
In Spencer, 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 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spencer is $302,250, with tax bills ranging from $3,022 at the 25th percentile to $5,682 at the 90th percentile. Interestingly, the highest and lowest median tax bills both occur in the 01562 zip code, amounting to $3,646.
Average Spencer Assessed Value
$302,250
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 Spencer, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01562 | $207,970 | $250,600 | $302,250 | $384,500 | $471,130 |
Source: Ownwell
Property Tax Bills Across Spencer, Massachusetts
In Spencer, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Worcester County. The assessed value is determined by the county assessor and is influenced by factors such as the market value of similar properties, the condition of your home, and any improvements or renovations made. Spencer homeowners experience a range of property tax bills, with the 25th percentile at $3,022 and the 75th percentile at $4,637. The median home price in Spencer is $302,250, which significantly influences the property tax bill. For instance, the highest median tax bill in the area is $3,646, all within the 01562 zip code. Compared to the national median property tax rate of 0.99%, Spencer's property tax bills can be relatively high, impacting homeowners by adding a substantial annual expense. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Spencer Tax Bill
$3,646
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01562 | $2,508 | $3,022 | $3,646 | $4,637 | $5,682 |
Source: Ownwell