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2023 Property Tax Rates In Massachusetts: What You Need To Know

Property Tax Rates
Property Tax Rates

In this article, read and find out how property taxes in Massachusetts work, the highest rates in 2023, and everything you need to know!

Properties in Massachusetts

Properties in Massachusetts

In the state of Massachusetts, the tax rates are established locally by cities and towns. They are in charge of managing and collecting property taxes. The total rates usually range from 1% to 2%, with a few exceptions at 0.33%. By average, the state’s effective tax rate is 1.12% which is more than the national average of 0.99%. The median yearly property tax even amounts to $5,361. The state of Massachusetts is indeed expensive when it comes to property tax bills.

According to an article in SmartAsset, in Massachusetts, tax bills are distributed four times a year. These times are in January, April, July, and October. The deadline is within 30 days after the tax bills have been sent. Property taxes in Massachusetts depend on the local property tax rate and the assessed value of a property. The assessment intends to learn the market value of a property as of January 1. Every year, all the real estates of the residents are assessed.

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Assessing the Market Value of A Property

The most common method of assessing the market value of a property is through the market method. To calculate the market value, this method makes use of market data and the sales prices of nearby properties. If a homeowner believes that their house’s assessed value is too expensive, they can file an abatement application. If accepted, a part of the paid property taxes will be refunded. Otherwise, the homeowner can decide to appeal if the application is denied. This, however, will be an extensive process.

In 2023, the tax rates for cities and towns in Massachusetts have decreased faster than they had for the past few years. In comparison to 2022, the median residential tax rate among 351 cities and towns has decreased by 7.1%. This means that the median tax rate decreased to $13.58 per $1,000 of assessed value. The highest decrease was reportedly in 2018, as reported by Seiffert.

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