Colrain, Massachusetts Property Taxes
The median property tax rate in Colrain, MA is 1.96%, significantly higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Colrain at $190,550, the typical annual property tax bill reaches $3,745, far exceeding the national median of $2,690. Property taxes in Colrain are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Colrain'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 Colrain or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colrain, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$3,735
Ownwell’s Colrain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colrain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colrain 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 Colrain, Massachusetts
Property taxes in Colrain, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colrain is 1.96%, significantly higher than the U.S. national median of 0.99%. Local government entities within Colrain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colrain 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 Colrain's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01340 zip code has the highest median property tax rate of 1.96%, while the 01340 zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Colrain provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colrain Tax Rate
1.96%
Average Franklin County Tax Rate
1.69%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colrain, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01340 | 1.96% | 1.96% | 1.96% | 1.96% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Colrain, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colrain, 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 Franklin County Assessor 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 Colrain, 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. The median home price in Colrain is $190,550, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,926, while the 75th percentile tax bill is $4,896. 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 Colrain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colrain Assessed Value
$190,550
Average Franklin County Assessed Value
$252,600
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colrain, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01340 | $94,190 | $149,012 | $190,550 | $251,825 | $330,200 |
Source: Ownwell
Property Tax Bills Across Colrain, Massachusetts
In Colrain, located in Franklin 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 town's assessor and reflects the estimated market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Colrain, the median home price stands at $190,550. The tax bills vary significantly, with the 25th percentile at $2,926 and the 75th percentile reaching $4,896. At the 90th percentile, homeowners might see tax bills as high as $6,482. The highest and lowest median tax bill in the area are both recorded at $3,745, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Colrain's property tax rates can represent a substantial financial consideration for homeowners. Understanding these factors helps residents anticipate their annual property tax obligations and manage their finances accordingly.
Average Colrain Tax Bill
$3,745
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Colrain, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01340 | $1,849 | $2,926 | $3,745 | $4,896 | $6,482 |
Source: Ownwell