![]() For example, if your assessed value is $200,000 and your tax rate is 10, your total annual tax would be $2,000.Īn effective tax rate is the annual taxes paid as a percentage of home value. They are expressed in dollars per $1,000 of assessed value (often referred to as mill rates). Tax rates in Massachusetts are determined by cities and towns. If the application is denied, the homeowner has the option to appeal, although this is a lengthier process. If the application is accepted, a portion of the property taxes paid will be refunded. Homeowners who believe their home's assessed value is too high can file an abatement application. This method uses market data, including the sales prices of nearby comparable properties, to calculate market value. To determine market value local assessors can use one of several approaches. The goal of the assessment is to determine the market value of the property as of January 1st, the assessment date in Massachusetts. All residential real estate is assessed every year. ![]() Property taxes in Massachusetts are based on the assessed value of the property and the local tax rate. Tax bills are mailed out four times annually (in January, April, July and October), and they are due within 30 days of being sent. ![]() In Massachusetts cities and towns are responsible for administering and collecting property taxes. ![]() If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you're thinking about buying real estate in Massachusetts despite the high property tax bills, or if you're looking into refinancing your mortgage, check out our mortgage rates guide for details on getting mortgages in the state.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. ![]() This is above the national average, which is 0.99%. Incorporating all areas, the state's average effective tax rate is 1.12%. Tax rates are set locally by cities and towns in Massachusetts, with total rates generally ranging from 1% to 2% (10 to 20 mills) with a few outliers at 0.33%. In fact, the median annual property tax payment is $5,361. Massachusetts is a rather expensive state when it comes to property tax bills for its residents. Massachusetts Property Taxes Photo credit: ©/peterspiro ![]()
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