Turners Falls, Massachusetts Property Taxes
The median property tax rate in Turners Falls, MA is 1.56%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Turners Falls, the typical annual property tax bill reaches $3,412, exceeding the national median of $2,690. Property taxes in Turners Falls 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 Turners Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Turners Falls 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
Turners Falls, 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 Turners Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turners Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turners Falls 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 Turners Falls, Massachusetts
Property taxes in Turners Falls, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turners Falls is 1.56%, which is higher than the U.S. national median of 0.99%. Local government entities within Turners Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turners Falls 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 Turners Falls' effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01376 zip code has the highest median property tax rate of 1.56%, while the same 01376 zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Turners Falls 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 Turners Falls Tax Rate
1.56%
Average Franklin County Tax Rate
1.69%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Turners Falls, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01376 | 1.56% | 1.56% | 1.56% | 1.57% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Turners Falls, Massachusetts
In Turners Falls, 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 Turners Falls, 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 Turners Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Turners Falls are both $3,412, found in the zip code 01376.
Property Tax Assessment Values Across Turners Falls, Massachusetts
Source: Ownwell
$41,900
$262,550
$483,200
Average Turners Falls Assessed Value
$218,100
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 Turners Falls, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01376 | $167,600 | $192,025 | $218,100 | $250,375 | $288,600 |
Source: Ownwell
Property Tax Bills Across Turners Falls, Massachusetts
In Turners Falls, located in Franklin County, MA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Turners Falls is $218,100, which is a critical factor in determining the tax bill. Tax authorities assess the property's value to establish its worth, and this assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Turners Falls, the property tax bill varies significantly. The tax bill at the 25th percentile is approximately $3,005, while at the 75th percentile, it rises to about $3,919. Those at the 90th percentile can expect a tax bill around $4,517. Comparatively, the national median property tax rate is 0.99%, making Turners Falls' property tax rates relatively higher. These property taxes are crucial as they fund local services such as schools, public safety, and infrastructure. Homeowners must budget for these expenses, as they directly impact the overall cost of owning property in Turners Falls.
Average Turners Falls Tax Bill
$3,412
Average Franklin County Tax Bill
$4,270
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Turners Falls, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01376 | $2,623 | $3,005 | $3,412 | $3,919 | $4,517 |
Source: Ownwell