North Adams, Massachusetts Property Taxes
The median property tax rate in North Adams, MA is 1.15%, which is higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in North Adams at $175,400, the typical annual property tax bill reaches $2,019, slightly below the national median of $2,690. Property taxes in North Adams 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 North Adams'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 North Adams or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Adams, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$2,017
$1,872
Ownwell’s North Adams Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Adams with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Adams 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 North Adams, Massachusetts
Property taxes in North Adams, Massachusetts, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in North Adams is 1.15%, which is higher than the U.S. national median of 0.99%. Local government entities within North Adams set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Adams 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 North Adams's effective property tax rate to other counties in Massachusetts 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 cities compare with North Adams 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 North Adams 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 North Adams, 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 North Adams, Massachusetts
In North Adams, 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 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 North Adams, 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 North Adams 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 median tax bill of $2,019, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across North Adams, Massachusetts
Source: Ownwell
$41,900
$262,550
$483,200
Average North Adams Assessed Value
$175,400
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 North Adams, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01247 | $94,920 | $125,100 | $175,400 | $219,200 | $630,740 |
Source: Ownwell
Property Tax Bills Across North Adams, Massachusetts
Property tax bills in North Adams, Franklin 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, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $175,400, property owners can expect to pay a tax bill that varies significantly depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include property size, location, improvements, and market conditions. In North Adams, the 25th percentile tax bill is approximately $1,440, while the 75th percentile reaches around $2,523. For higher-end properties, the 90th percentile tax bill can soar to $7,260. These taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in North Adams should be aware of how these factors interplay to affect their annual property tax obligations.
Average North Adams Tax Bill
$2,019
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across North Adams, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01247 | $1,093 | $1,440 | $2,019 | $2,523 | $7,260 |
Source: Ownwell