Woronoco, Massachusetts Property Taxes
The median property tax rate in Woronoco, 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 Woronoco, the typical annual property tax bill reaches $3,880, exceeding the national median of $2,690. Property taxes in Woronoco 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 Woronoco'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 Woronoco 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
Woronoco, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Woronoco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woronoco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woronoco 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 Woronoco, Massachusetts
Property taxes in Woronoco, Massachusetts, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Woronoco is 1.86%, which is significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Woronoco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woronoco 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 Woronoco's effective property tax rate to other areas in Hampden County and the national median. For comparison, the zip code 01097 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 Woronoco 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 Woronoco 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 Woronoco, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01097 | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Woronoco, Massachusetts
In Woronoco, 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 Woronoco, 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 in Woronoco is $208,600, with tax bills ranging from $3,588 at the 25th percentile to $4,433 at the 90th percentile. 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 Woronoco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woronoco Assessed Value
$208,600
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 Woronoco, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01097 | $180,860 | $192,900 | $208,600 | $224,400 | $238,320 |
Source: Ownwell
Property Tax Bills Across Woronoco, Massachusetts
In Woronoco, 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’s office and reflects the estimated market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Woronoco, the median home price is $208,600. The tax bill can vary significantly, with the 25th percentile at $3,588 and the 75th percentile at $4,174. The 90th percentile reaches up to $4,433. These figures indicate that property taxes in Woronoco can be higher than the national median property tax rate of 0.99%. High property taxes can impact homeowners by increasing the overall cost of owning a home, which can influence decisions on buying or selling property. Understanding how these taxes are calculated helps homeowners plan their finances more effectively.
Average Woronoco Tax Bill
$3,880
Average Hampden County Tax Bill
$4,101
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Woronoco, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01097 | $3,364 | $3,588 | $3,880 | $4,174 | $4,433 |
Source: Ownwell