Tolland, Massachusetts Property Taxes
The median property tax rate in Tolland, MA is 0.80%, notably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $161,700 in Tolland, the typical annual property tax bill amounts to $1,294, which is significantly less than the national median of $2,690. Property taxes in Tolland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Tolland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tolland or another part of Hampden County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tolland, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,294
$1,200
Ownwell’s Tolland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tolland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tolland 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 Tolland, Massachusetts
Property taxes in Tolland, Massachusetts, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tolland is 0.80%, which is lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Tolland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tolland 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 Tolland's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01034 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Tolland 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 Tolland Tax Rate
0.80%
Average Hampden County Tax Rate
1.70%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tolland, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01034 | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Tolland, Massachusetts
In Tolland, 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 Tolland, 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 Tolland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 01034 has the highest and lowest median tax bill, both at $1,294, offering a consistent example for residents to benchmark.
Average Tolland Assessed Value
$161,700
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 Tolland, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01034 | $96,660 | $121,050 | $161,700 | $286,850 | $361,940 |
Source: Ownwell
Property Tax Bills Across Tolland, Massachusetts
In Tolland, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $161,700, homeowners can expect to pay varying amounts depending on their property's assessed value and the specific tax rate applied. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. In Tolland, the tax bill for the 25th percentile stands at $968, while the 75th percentile tax bill is $2,295, and the 90th percentile reaches up to $2,896. Compared to the national median property tax rate of 0.99%, Tolland's tax rates can lead to higher or lower tax bills depending on individual circumstances. Homeowners must consider these factors when budgeting for annual expenses, as property taxes can significantly impact overall financial planning. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations more accurately.
Average Tolland Tax Bill
$1,294
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Tolland, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01034 | $773 | $968 | $1,294 | $2,295 | $2,896 |
Source: Ownwell