Lanesborough, Massachusetts Property Taxes
The median property tax rate in Lanesborough, MA is 1.77%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Lanesborough at $272,100, the typical annual property tax bill reaches $3,943, exceeding the national median of $2,690. Property taxes in Lanesborough 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 Lanesborough'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 Lanesborough 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
Lanesborough, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$4,816
$4,469
Ownwell’s Lanesborough Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lanesborough with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lanesborough 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 Lanesborough, Massachusetts
Property taxes in Lanesborough, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanesborough is 1.77%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Lanesborough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanesborough 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 Lanesborough's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01237 zip code has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these cities compare with Lanesborough 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 Lanesborough Tax Rate
1.77%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanesborough, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01237 | 0.27% | 0.94% | 1.77% | 1.77% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Lanesborough, Massachusetts
In Lanesborough, 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 Lanesborough, 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 Lanesborough helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 01237, with a median tax bill of $3943.
Property Tax Assessment Values Across Lanesborough, Massachusetts
Source: Ownwell
$84,400
$502,600
$920,800
Average Lanesborough Assessed Value
$272,100
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 Lanesborough, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01237 | $151,400 | $201,875 | $272,100 | $379,750 | $483,700 |
Source: Ownwell
Property Tax Bills Across Lanesborough, Massachusetts
Property tax bills in Lanesborough, located in Berkshire County, MA, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value as determined by the local assessor. Various factors influence this assessment, including the property's size, location, and condition. For homeowners in Lanesborough, the median home price is $272,100, which is a crucial factor in calculating property taxes. The tax bill for homes in the 25th percentile is approximately $2,140, while those in the 75th percentile can expect around $5,908. At the higher end, the 90th percentile tax bill reaches up to $7,879. These tax bills can significantly impact homeowners, making it essential to understand how assessed values and tax rates influence the overall cost. Notably, the highest and lowest median tax bills in the area both stand at $3,943, reflecting a consistent tax rate within the 01237 ZIP code. This consistency can provide some predictability for homeowners planning their finances.
Average Lanesborough Tax Bill
$3,943
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanesborough, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01237 | $715 | $2,140 | $3,943 | $5,908 | $7,879 |
Source: Ownwell