Southbridge, Massachusetts Property Taxes
The median property tax rate in Southbridge, 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 Southbridge at $269,800, the typical annual property tax bill reaches $4,274, exceeding the national median of $2,690. Property taxes in Southbridge 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 Southbridge'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 Southbridge 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
Southbridge, 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 Southbridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southbridge 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 Southbridge, Massachusetts
Property taxes in Southbridge, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southbridge is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Southbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southbridge 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 Southbridge's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the zip code 01550 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 Southbridge 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 Southbridge Tax Rate
1.58%
Average Worcester County Tax Rate
1.43%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southbridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01550 | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Southbridge, Massachusetts
In Southbridge, 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 Southbridge, 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 Southbridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Southbridge is $269,800, with tax bills ranging from $3,729 at the 25th percentile to $5,707 at the 90th percentile. Notably, the highest and lowest median tax bills are both $4,274, found in the 01550 zip code.
Property Tax Assessment Values Across Southbridge, Massachusetts
Source: Ownwell
$117,500
$415,400
$713,300
Average Southbridge Assessed Value
$269,800
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 Southbridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01550 | $204,860 | $235,400 | $269,800 | $312,400 | $360,240 |
Source: Ownwell
Property Tax Bills Across Southbridge, Massachusetts
In Southbridge, Worcester 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 local assessors who evaluate the property's market value and apply a percentage to arrive at the taxable amount. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Homeowners in Southbridge should expect their tax bills to vary significantly depending on the value of their property. For instance, the 25th percentile tax bill is approximately $3,729, while the 75th percentile tax bill reaches around $4,948. At the 90th percentile, homeowners may face a tax bill of about $5,707. The median home price in Southbridge is $269,800, which is a key factor influencing these tax amounts. Compared to the national median property tax rate of 0.99%, Southbridge's property tax bills reflect the local economic conditions and property values, impacting homeowners' annual financial planning.
Average Southbridge Tax Bill
$4,274
Average Worcester County Tax Bill
$5,153
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Southbridge, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01550 | $3,242 | $3,729 | $4,274 | $4,948 | $5,707 |
Source: Ownwell