Russell, Massachusetts Property Taxes
The median property tax rate in Russell, MA is 1.86%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Russell at $254,250, the typical annual property tax bill reaches $4,729, exceeding the national median of $2,690. Property taxes in Russell 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 Russell'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 Russell 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
Russell, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$4,729
$4,388
Ownwell’s Russell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell 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 Russell, Massachusetts
Property taxes in Russell, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 1.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other areas in Hampden County and the national median. For comparison, the zip code 01071 has the highest median property tax rate of 1.86%, while the same zip code also has the lowest median tax rate of 1.86%. Understanding how these areas compare with Russell 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 Russell Tax Rate
1.86%
Average Hampden County Tax Rate
1.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01071 | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Russell, Massachusetts. 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 Assessor 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 Russell, 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. For instance, the median home price is $254,250, and the 25th percentile tax bill is $3,766, while the 75th percentile tax bill reaches $6,233. The highest median tax bill is $4,729 in the 01071 zip code, which also has the lowest median tax bill, indicating a uniform tax structure. 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 Russell Assessed Value
$254,250
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 Russell, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01071 | $173,960 | $202,425 | $254,250 | $335,125 | $434,867 |
Source: Ownwell
Property Tax Bills Across Russell, Massachusetts
In Russell, 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 local assessors who evaluate the market value of the property. Once the property’s assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For homeowners in Russell, the median home price stands at $254,250. Property tax bills can vary widely, with the 25th percentile at $3,766 and the 75th percentile reaching $6,233. At the 90th percentile, tax bills can go up to $8,089. The highest and lowest median tax bills in Russell are both $4,729, indicating a uniformity in the assessed values and tax rates within the zip code 01071. Compared to the national median property tax rate of 0.99%, Russell's rates may seem higher, but they reflect the local market conditions and public service funding needs. This impacts homeowners by influencing their overall housing costs and potentially affecting property values over time.
Average Russell Tax Bill
$4,729
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01071 | $3,235 | $3,766 | $4,729 | $6,233 | $8,089 |
Source: Ownwell