Hampden, Massachusetts Property Taxes
The median property tax rate in Hampden, MA is 1.69%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Hampden at $322,350, the typical annual property tax bill reaches $5,438, exceeding the national median of $2,690. Property taxes in Hampden 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 Hampden'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 Hampden 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
Hampden, 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 Hampden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampden 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 Hampden, Massachusetts
Property taxes in Hampden, Massachusetts, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Hampden is 1.69%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Hampden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampden 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 Hampden's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01036 has the highest median property tax rate of 1.69%, while the lowest median tax rate is also 1.69% in the same zip code. Understanding how these cities compare with Hampden provides valuable insights into the varying tax landscape across Hampden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampden Tax Rate
1.69%
Average Hampden County Tax Rate
1.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampden, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01036 | 1.69% | 1.69% | 1.69% | 1.69% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Hampden, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hampden, MA. 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 local appraisal officials 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 Hampden, 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 Hampden is $322,350, with tax bills ranging from $4,640 at the 25th percentile to $8,328 at the 90th percentile. The highest and lowest median tax bills are both found in the 01036 zip code, amounting to $5,438. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Hampden Assessed Value
$322,350
Average Hampden County Assessed Value
$245,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampden, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01036 | $237,620 | $275,000 | $322,350 | $394,285 | $493,660 |
Source: Ownwell
Property Tax Bills Across Hampden, Massachusetts
In Hampden, MA, property tax bills are calculated based on the assessed value of a homeowner's property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Several factors influence the assessed value, including property size, location, condition, and recent sales of similar homes in the area. For example, with a median home price of $322,350, homeowners in Hampden can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $4,640, while the 75th percentile reaches approximately $6,652, and the 90th percentile can go up to $8,328. The highest median tax bill recorded in the area is $5,438 in zip code 01036. These property tax bills can have a substantial impact on homeowners, affecting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, Hampden's rates reflect the local economic conditions and public service funding needs.
Average Hampden Tax Bill
$5,438
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampden, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01036 | $4,008 | $4,640 | $5,438 | $6,652 | $8,328 |
Source: Ownwell