Monson, Massachusetts Property Taxes
The median property tax rate in Monson, MA is 1.59%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Monson at $276,700, the typical annual property tax bill reaches $4,390, exceeding the national median of $2,690. Property taxes in Monson 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 Monson'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 Monson 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
Monson, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$4,400
$4,083
Ownwell’s Monson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monson 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 Monson, Massachusetts
Property taxes in Monson, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monson is 1.59%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Monson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monson 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 Monson's effective property tax rate to other areas in Massachusetts and the national median. For comparison, the highest and lowest median property tax rates in Hampden County are both 1.59%, as seen in the zip code 01057. Understanding how Monson compares with other areas in Hampden County provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monson Tax Rate
1.59%
Average Hampden County Tax Rate
1.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monson, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01057 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Monson, Massachusetts
In Monson, 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 Monson, 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 Monson is $276,700, with tax bills ranging from $3,523 at the 25th percentile to $6,814 at the 90th percentile. The highest and lowest median tax bill in the area is $4,390, found in the 01057 zip code. 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 Monson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monson Assessed Value
$276,700
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 Monson, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01057 | $187,940 | $221,900 | $276,700 | $346,200 | $429,600 |
Source: Ownwell
Property Tax Bills Across Monson, Massachusetts
In Monson, located in Hampden 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. The tax rate is applied per $1,000 of assessed value, which means that higher-valued properties will have higher tax bills. For example, with a median home price of $276,700, homeowners can expect a median tax bill around $4,390, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Additionally, Monson's tax bills range widely, with the 25th percentile at $3,523 and the 90th percentile reaching $6,814. This variability means that homeowners need to be aware of how changes to their property or the local market could affect their tax obligations. Understanding these factors can help homeowners better anticipate and manage their annual property tax expenses.
Average Monson Tax Bill
$4,390
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Monson, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01057 | $2,981 | $3,523 | $4,390 | $5,495 | $6,814 |
Source: Ownwell