Florence, Massachusetts Property Taxes
The median property tax rate in Florence, MA is 1.58%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Florence, the typical annual property tax bill reaches $5,455, exceeding the national median of $2,690. Property taxes in Florence 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 Florence'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 Florence 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
Florence, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$5,440
$5,048
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Massachusetts
Property taxes in Florence, Massachusetts, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 1.58%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01062 zip code has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Florence provides valuable insights into the varying tax landscape across Hampshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
1.58%
Average Hampshire County Tax Rate
1.63%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01062 | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Massachusetts
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Florence, MA. 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 Hampshire 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 Florence, 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. The median home price in Florence is $344,300, with tax bills ranging from $4,392 at the 25th percentile to $9,612 at the 90th percentile. The highest and lowest median tax bills, both at $5,455, are found in the 01062 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Florence, Massachusetts
Source: Ownwell
$189,450
$450,950
$712,450
Average Florence Assessed Value
$344,300
Average Hampshire County Assessed Value
$310,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01062 | $231,900 | $277,300 | $344,300 | $455,175 | $606,670 |
Source: Ownwell
Property Tax Bills Across Florence, Massachusetts
In Florence, located in Hampshire County, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the home. Once the property is assessed, the tax rate is applied to this value to determine the annual tax bill. Homeowners in Florence can expect varying property tax bills depending on their property's value. For instance, the tax bill at the 25th percentile is $4,392, while at the 75th percentile, it rises to $7,210. Those at the 90th percentile face a tax bill of $9,612. Notably, the highest median tax bill in Florence is $5,455, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated can help residents plan their finances more effectively.
Average Florence Tax Bill
$5,455
Average Hampshire County Tax Bill
$5,000
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01062 | $3,673 | $4,392 | $5,455 | $7,210 | $9,612 |
Source: Ownwell