Monterey, Massachusetts Property Taxes
The median property tax rate in Monterey, MA is 0.61%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Monterey at $500,800, the typical annual property tax bill reaches $3,052, surpassing the national median of $2,690. Property taxes in Monterey 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 Monterey'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 Monterey 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
Monterey, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$3,055
$2,835
Ownwell’s Monterey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monterey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monterey 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 Monterey, Massachusetts
Property taxes in Monterey, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monterey is 0.61%, which is lower than the national median of 0.99%. Local government entities within Monterey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterey 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 Monterey's effective property tax rate to other areas in Berkshire County and the national median. For comparison, the 01245 zip code has the highest median property tax rate of 0.61%, while the 01245 zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Monterey 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 Monterey Tax Rate
0.61%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterey, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01245 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monterey, 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 Monterey, 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 Monterey 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 01245, with a median tax bill of $3,052.
Average Monterey Assessed Value
$500,800
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 Monterey, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01245 | $263,900 | $362,925 | $500,800 | $694,825 | $1,062,220 |
Source: Ownwell
Property Tax Bills Across Monterey, Massachusetts
In Monterey, Berkshire County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the property's market value. Homeowners in Monterey experience a range of property tax bills, with the 25th percentile paying around $2,222 annually, while those in the 75th percentile see bills closer to $4,238. For the top 10% of property values, tax bills can reach up to $6,469. These tax bills are influenced by several factors, including property size, location, and any improvements made to the home. The local tax rate in Monterey is designed to fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Monterey, with a median home price of $500,800, face property tax rates that can significantly impact their annual expenses. Understanding how these factors interplay can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Monterey Tax Bill
$3,052
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterey, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01245 | $1,607 | $2,222 | $3,052 | $4,238 | $6,469 |
Source: Ownwell