Lenox, Massachusetts Property Taxes
The median property tax rate in Lenox, MA is 0.92%, which is lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $457,900 in Lenox, the typical annual property tax bill amounts to $4,186, significantly higher than the national median of $2,690. Property taxes in Lenox are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lenox's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lenox or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lenox, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$4,213
$3,909
Ownwell’s Lenox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenox 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 Lenox, Massachusetts
Property taxes in Lenox, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 0.92%, which is below the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenox 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 Lenox's effective property tax rate to other areas in Berkshire County and the national median. For comparison, the 01240 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Lenox 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 Lenox Tax Rate
0.92%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01240 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Massachusetts
In Lenox, 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 Lenox, 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. For example, the median home price in Lenox is $457,900, with the 25th percentile tax bill at $2,940 and the 75th percentile tax bill at $5,972. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenox Assessed Value
$457,900
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 Lenox, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01240 | $229,800 | $319,600 | $457,900 | $662,100 | $998,150 |
Source: Ownwell
Property Tax Bills Across Lenox, Massachusetts
Property tax bills in Lenox, Berkshire County, MA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, considering factors such as location, property size, and market conditions. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Lenox, the median home price is $457,900. Homeowners in the 25th percentile can expect a tax bill of around $2,940, while those in the 75th percentile might see bills as high as $5,972. For properties in the 90th percentile, the tax bill can reach up to $9,052. The highest and lowest median tax bill in the area is $4,186, both found in the 01240 zip code. These property tax bills can significantly impact homeowners, influencing decisions on buying, selling, and maintaining properties. Compared to the national median property tax rate of 0.99%, Lenox's property tax rates reflect the unique market and community characteristics of the area.
Average Lenox Tax Bill
$4,186
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01240 | $2,150 | $2,940 | $4,186 | $5,972 | $9,052 |
Source: Ownwell