Holyoke, Massachusetts Property Taxes
The median property tax rate in Holyoke, MA is 1.88%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Holyoke, the typical annual property tax bill reaches $4,050, exceeding the national median of $2,690. Property taxes in Holyoke are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Holyoke'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 Holyoke 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
Holyoke, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$4,061
$3,768
Ownwell’s Holyoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holyoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holyoke 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 Holyoke, Massachusetts
Property taxes in Holyoke, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holyoke is 1.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Holyoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holyoke 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 Holyoke's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01040 zip code has the highest median property tax rate of 1.88%, while the 01040 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Holyoke 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 Holyoke Tax Rate
1.88%
Average Hampden County Tax Rate
1.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holyoke, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01040 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Holyoke, Massachusetts
In Holyoke, 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 Hampden 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 Holyoke, 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 Holyoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Holyoke is $216,000, with tax bills ranging from $3,317 at the 25th percentile to $6,095 at the 90th percentile. Interestingly, the highest and lowest median tax bills both occur in the 01040 zip code, at $4,050.
Average Holyoke Assessed Value
$216,000
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 Holyoke, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01040 | $138,500 | $176,800 | $216,000 | $262,600 | $325,030 |
Source: Ownwell
Property Tax Bills Across Holyoke, Massachusetts
In Holyoke, located in Hampden County, MA, property tax bills are calculated based on the assessed value of a home. The city's tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, age, location, and improvements. For example, the median home price in Holyoke stands at $216,000. Homeowners in Holyoke can expect their property tax bills to vary significantly. The 25th percentile tax bill is approximately $3,317, while the 75th percentile reaches around $4,925. For those in the 90th percentile, the tax bill can be as high as $6,095. These variations highlight the impact of property assessments and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Holyoke's rates reflect the unique economic and property valuation conditions of the area. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Holyoke Tax Bill
$4,050
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Holyoke, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01040 | $2,598 | $3,317 | $4,050 | $4,925 | $6,095 |
Source: Ownwell