Lee, Massachusetts Property Taxes
The median property tax rate in Lee, MA is 1.18%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Lee, the typical annual property tax bill reaches $3,657, exceeding the national median of $2,690. Property taxes in Lee 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 Lee'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 Lee 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
Lee, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$3,666
$3,402
Ownwell’s Lee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lee 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 Lee, Massachusetts
Property taxes in Lee, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lee is 1.18%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Lee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lee 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 Lee's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01238 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Lee 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 Lee Tax Rate
1.18%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01238 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Lee, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lee, Massachusetts. 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 Lee, 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 Lee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lee, the median home price is $310,700. The highest median tax bill is $3,657 in the 01238 zip code, and the lowest median tax bill is also $3,657 in the same zip code. The 25th percentile tax bill is $3,040, the 75th percentile tax bill is $4,742, and the 90th percentile tax bill is $6,444.
Average Lee Assessed Value
$310,700
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 Lee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01238 | $223,090 | $259,900 | $310,700 | $409,125 | $572,000 |
Source: Ownwell
Property Tax Bills Across Lee, Massachusetts
In Lee, Berkshire County, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Lee is $310,700. Homeowners can expect their property tax bills to vary significantly depending on their property's assessed value and specific characteristics. For instance, the 25th percentile tax bill is $3,040, while the 75th percentile tax bill reaches $4,742. At the 90th percentile, homeowners might face a tax bill as high as $6,444. The local tax rate in Lee is used to determine the tax bill by applying it to the assessed value of the property. This rate ensures that the tax burden is distributed fairly among homeowners. Compared to the national median property tax rate of 0.99%, Lee's property tax rates reflect the unique economic and regional factors influencing the area. Homeowners in Lee should be aware of these variations to better anticipate their annual property tax obligations and plan their finances accordingly.
Average Lee Tax Bill
$3,657
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lee, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01238 | $2,573 | $3,040 | $3,657 | $4,742 | $6,444 |
Source: Ownwell