Property taxes in Massachusetts are an important aspect of homeownership, as they fund local government services and infrastructure. Here are 7 things to know about property taxes in Massachusetts:
1. Assessment Process
Taxes are based on the assessed value of real property, including land and buildings. Local assessors determine the assessed value of properties based on market conditions, property characteristics, and other factors.
2. Tax Rate
The property tax rate in Massachusetts is expressed in “mills,” where one mill equals one dollar per $1,000 of assessed value. Tax rates vary by municipality and can change annually based on budgetary needs and assessments.
3. Exemptions and Deductions
Various exemptions and deductions are offered that may reduce property taxes for eligible homeowners. Common exemptions include the Residential Exemption, Senior Exemption, Veteran Exemption, and exemptions for certain disabled individuals.
4. Abatement and Appeals
Property owners who believe their property is over-assessed or incorrectly assessed may file for an abatement or appeal with the local board of assessors. Abatement requests must be filed within a specified timeframe and require supporting documentation.
5. Tax Lien and Foreclosure
Failure to pay property taxes can result in a tax lien on the property. If taxes remain unpaid, the property may be subject to foreclosure or tax sale proceedings by the municipality.
6. Proposition 2 ½
Proposition 2 ½ is a Massachusetts law that limits the annual increase in property tax revenue for municipalities. It imposes a 2.5% cap on the total amount of property taxes a municipality can levy each year.
7. Paying Property Taxes
Property taxes in Massachusetts are typically paid to the local tax collector’s office. Payment methods include online payments by going to your town’s website, mail-in payments, in-person payments, or automatic deductions from escrow accounts for homeowners with mortgages.
Conclusion
Understanding property taxes in Massachusetts is essential for homeowners to budget effectively and comply with tax obligations. For more information on taxes, visit Mass.gov.
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