Leicester, Massachusetts Property Taxes
The median property tax rate in Leicester, MA is 1.29%, significantly higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Leicester at $318,450, the typical annual property tax bill reaches $4,094, surpassing the national median of $2,690. Property taxes in Leicester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leicester'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 Leicester 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
Leicester, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$4,108
$3,812
Ownwell’s Leicester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester 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 Leicester, Massachusetts
Property taxes in Leicester, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 1.29%, higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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 Leicester's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01524 zip code has the highest median property tax rate of 1.29%, while the 01524 zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Leicester provides valuable insights into the varying tax landscape across Worcester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leicester Tax Rate
1.29%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leicester, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01524 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, Massachusetts
In Leicester, 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 Worcester 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 Leicester, 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. Leicester's median home price is $318,450, with tax bills ranging from $3,454 at the 25th percentile to $5,966 at the 90th percentile. The zip code 01524 consistently shows the highest and lowest median tax bill at $4,094. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Leicester, Massachusetts
Source: Ownwell
$117,500
$415,400
$713,300
Average Leicester Assessed Value
$318,450
Average Worcester County Assessed Value
$360,000
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leicester, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01524 | $231,050 | $268,650 | $318,450 | $391,425 | $463,920 |
Source: Ownwell
Property Tax Bills Across Leicester, Massachusetts
In Leicester, Worcester County, MA, property tax bills are determined by assessing the market value of a home and applying the local tax rate. For example, if the median home price is $318,450, the tax bill is calculated by multiplying this value by the local tax rate. Factors such as location, property size, and improvements can influence the assessed value. Homeowners in Leicester face varying tax bills, with the 25th percentile at $3,454 and the 75th percentile at $5,034. The 90th percentile sees tax bills around $5,966. The highest and lowest median tax bills both stand at $4,094 in zip code 01524. Comparatively, the national median property tax rate is 0.99%, highlighting the variability in local tax burdens. These tax bills impact homeowners by influencing monthly mortgage payments and overall housing affordability. Understanding these factors helps homeowners anticipate their financial commitments and plan accordingly.
Average Leicester Tax Bill
$4,094
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Leicester, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01524 | $2,971 | $3,454 | $4,094 | $5,034 | $5,966 |
Source: Ownwell