Leominster, Massachusetts Property Taxes
The median property tax rate in Leominster, MA is 1.55%, considerably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Leominster at $335,100, the typical annual property tax bill reaches $5,207, exceeding the national median of $2,690. Property taxes in Leominster 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 Leominster'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 Leominster 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
Leominster, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$5,194
$4,820
Ownwell’s Leominster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leominster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leominster 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 Worcester County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Leominster, Massachusetts
Property taxes in Leominster, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leominster is 1.55%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Leominster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leominster 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 Leominster's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the 01453 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Leominster 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 Leominster Tax Rate
1.55%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leominster, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01453 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Leominster, Massachusetts
In Leominster, 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. 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 Leominster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Leominster are both $5207.00, found in the 01453 zip code.
Property Tax Assessment Values Across Leominster, Massachusetts
Source: Ownwell
$117,500
$415,400
$713,300
Average Leominster Assessed Value
$335,100
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 Leominster, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01453 | $214,100 | $286,300 | $335,100 | $397,700 | $467,990 |
Source: Ownwell
Property Tax Bills Across Leominster, Massachusetts
In Leominster, Worcester County, MA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the city’s assessor, who evaluates the property's market value. Once the property’s value is assessed, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $335,100, homeowners can expect varying tax bills. Several factors influence the tax bill, including property size, location, and market conditions. In Leominster, the tax bill for the 25th percentile is around $4,449, while the 75th percentile tax bill reaches approximately $6,180. At the 90th percentile, homeowners face a tax bill of about $7,273. These figures highlight the range of property tax obligations, reflecting differences in property values within the city. Compared to the national median property tax rate of 0.99%, Leominster's tax rates can result in higher tax bills, impacting homeowners' annual expenses significantly. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities.
Average Leominster Tax Bill
$5,207
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Leominster, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01453 | $3,327 | $4,449 | $5,207 | $6,180 | $7,273 |
Source: Ownwell