Thorndike, Massachusetts Property Taxes
The median property tax rate in Thorndike, MA is 2.01%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Thorndike, the typical annual property tax bill reaches $4,512, exceeding the national median of $2,690. Property taxes in Thorndike 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 Thorndike'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 Thorndike 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
Thorndike, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$4,558
$4,229
Ownwell’s Thorndike Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorndike with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorndike 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 Thorndike, Massachusetts
Property taxes in Thorndike, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorndike is 2.01%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Thorndike set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorndike 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 Thorndike's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01079 has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Thorndike 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 Thorndike Tax Rate
2.01%
Average Hampden County Tax Rate
1.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorndike, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01079 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Thorndike, Massachusetts
In Thorndike, 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 Thorndike, 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 Thorndike helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 01079, with a median tax bill of $4,512, which is above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Thorndike, Massachusetts
Source: Ownwell
$59,100
$292,600
$526,100
Average Thorndike Assessed Value
$226,750
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 Thorndike, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01079 | $140,550 | $177,975 | $226,750 | $268,400 | $293,800 |
Source: Ownwell
Property Tax Bills Across Thorndike, Massachusetts
In Thorndike, located in Hampden 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 Thorndike is $226,750, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. For instance, tax bills in Thorndike range significantly, with the 25th percentile at $3,570 and the 75th percentile at $5,384, while the 90th percentile reaches up to $5,894. Compared to the national median property tax rate of 0.99%, homeowners in Thorndike may find their tax rates higher, impacting their annual financial planning. The highest median tax bill in the area is $4,512, and the lowest is also $4,512, both in the 01079 zip code, indicating a uniformity in tax rates within that specific area. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average Thorndike Tax Bill
$4,512
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorndike, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01079 | $2,819 | $3,570 | $4,512 | $5,384 | $5,894 |
Source: Ownwell