Florida, Massachusetts Property Taxes
The median property tax rate in Florida, MA is 1.15%, slightly higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With the median home value in Florida at $201,000, the typical annual property tax bill reaches $2,314, which is below the national median of $2,690. Property taxes in Florida are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Florida'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 Florida 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
Florida, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$2,312
$2,145
Ownwell’s Florida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florida 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 Florida, Massachusetts
Property taxes in Florida, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florida is 1.15%, which is higher than the U.S. national median of 0.99%. Local government entities within Florida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florida 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 Florida's effective property tax rate to other areas in Franklin County and the national median. For comparison, the zip code 01247 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Florida 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 Florida Tax Rate
1.15%
Average Franklin County Tax Rate
1.69%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florida, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01247 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Florida, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Florida, Franklin County, 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 local 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 Florida, 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 Florida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 01247, with a tax bill of $2,314, while the lowest median tax bill also falls in the same zip code, 01247, with a tax bill of $2,314.
Average Florida Assessed Value
$201,000
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 Florida, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01247 | $201,000 | $201,000 | $201,000 | $201,000 | $201,000 |
Source: Ownwell
Property Tax Bills Across Florida, Massachusetts
In Florida, Massachusetts, property tax bills are calculated based on the assessed value of a property. The local tax assessor determines the property's assessed value, which is typically a percentage of the market value. In Franklin County, the median home price stands at $201,000. Homeowners in this area can expect to pay an annual property tax bill of approximately $2,314, which is higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's market value, assessment ratio, and local tax rates. For instance, a property in the 01247 zip code, which has the highest and lowest median tax bill at $2,314, reflects the uniformity in tax assessments within this region. This consistency can significantly impact homeowners, influencing their financial planning and long-term investment in real estate. Understanding these factors is crucial for homeowners as it helps them anticipate their annual expenses and manage their budgets effectively.
Average Florida Tax Bill
$2,314
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Florida, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01247 | $2,314 | $2,314 | $2,314 | $2,314 | $2,314 |
Source: Ownwell