Monroe, Massachusetts Property Taxes
The median property tax rate in Monroe, MA is 1.15%, which is considerably higher than the national median of 0.99% but lower than the Massachusetts state median of 1.23%. With a median home value of $267,800 in Monroe, the typical annual property tax bill reaches $3,144, exceeding the national median of $2,690. Property taxes in Monroe 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 Monroe'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 Monroe 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
Monroe, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Monroe Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers in Monroe. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Monroe to estimate your annual property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those curious about neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Franklin County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Monroe, Massachusetts
Property taxes in Monroe, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 1.15%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01350 zip code has the highest median property tax rate of 1.15%, while the 01350 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Monroe 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 Monroe 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 Monroe, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01350 | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monroe, 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 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 Monroe, 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Monroe are both $3,144, found in the 01350 zip code.
Average Monroe Assessed Value
$267,800
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 Monroe, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01350 | $175,700 | $203,300 | $267,800 | $278,500 | $279,400 |
Source: Ownwell
Property Tax Bills Across Monroe, Massachusetts
In Monroe, 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 local assessor and reflects the market value of the property. Homeowners in Monroe experience property tax rates that contribute to their annual tax bills, which can vary significantly. For instance, the 25th percentile tax bill is $2,896, while the 75th percentile reaches $3,210, and the 90th percentile is slightly higher at $3,218. These tax bills are influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Monroe's rates reflect the local economic conditions and funding needs for public services. For homeowners, these tax bills represent a significant annual expense, impacting their overall cost of living and financial planning. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and make informed decisions about their property investments.
Average Monroe Tax Bill
$3,144
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01350 | $2,563 | $2,896 | $3,144 | $3,210 | $3,218 |
Source: Ownwell