Princeton, Massachusetts Property Taxes
The median property tax rate in Princeton, MA is 1.51%, significantly higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $426,350 in Princeton, the typical annual property tax bill amounts to $6,455, far exceeding the national median of $2,690. Property taxes in Princeton are based on the assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Princeton'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 Princeton or another part of Worcester County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$6,438
$5,974
Ownwell’s Princeton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Princeton to provide an estimated tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Worcester County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Princeton, Massachusetts
Property taxes in Princeton, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 1.51%, significantly higher than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01541 has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Princeton 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 Princeton Tax Rate
1.51%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01541 | 1.51% | 1.51% | 1.51% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Massachusetts
In Princeton, 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6,455, found in the zip code 01541.
Property Tax Assessment Values Across Princeton, Massachusetts
Source: Ownwell
$117,500
$415,400
$713,300
Average Princeton Assessed Value
$426,350
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 Princeton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01541 | $301,070 | $354,250 | $426,350 | $527,900 | $653,042 |
Source: Ownwell
Property Tax Bills Across Princeton, Massachusetts
In Princeton, Worcester County, MA, property tax bills are determined based on the assessed value of a home, which is calculated by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, with a median home price of $426,350, homeowners can expect varying tax bills depending on their home's assessed value and specific circumstances. Factors influencing the tax bill include property improvements, market conditions, and any applicable exemptions. The tax bill for the 25th percentile is $5,364, while the 75th percentile sees bills around $7,992, and the 90th percentile reaches up to $9,887. This variation highlights the impact of different property values and assessments on tax obligations. Comparatively, Princeton's property tax rates are higher than the national median property tax rate of 0.99%. This means homeowners in Princeton may face higher tax bills, which can significantly affect their annual financial planning and overall cost of homeownership.
Average Princeton Tax Bill
$6,455
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01541 | $4,558 | $5,364 | $6,455 | $7,992 | $9,887 |
Source: Ownwell