How is the value of property assessed for tax purposes in your state? Which types of property are subject to tax?
Local assessors determine the value of real property to be assessed and issue bills to taxpayers. Property classes are generally broken down into residential, industrial, commercial, and open space. Personal property is also locally assessed.
What is the state property tax rate?
What is the range of local property tax rates levied in your state?
Rates vary widely for real property taxes, but the typical mileage rates are within the range of 15 to 35 points per mile.
Exemptions and deductions
What exemptions and deductions are available?
The following types of property are generally exempt:
- property owned by the United States or the Commonwealth of Massachusetts;
- real and personal property owned by charitable organizations;
- real and personal estate of incorporated agricultural societies;
- real and personal estate belonging to or held in trust for the benefit of incorporated organizations of veterans of any war;
- personal property of a fraternal society, order or association;
- personal property of any exempt retirement association;
- personal property owned by or held in trust within the commonwealth for religious organizations, houses of religious worship owned by, or held in trust for the use of, any religious organization; and
- cemeteries, tombs and rights of burial.
What filing requirements and procedures apply?
Taxpayers remit a schedule of personal property owned and are issued a bill by local assessors. Real property tax is billed by a local assessor and payments are generally due in two installments.
Real estate transfer tax
How is the transfer of real estate taxed in your state (including tax base, rates, exemptions, and filing formalities)?
Sales of real estate are generally subject to the Massachusetts deeds excise tax at a rate of $2.28 per $500. Sales of entities owning real estate do not generally result in the imposition of a sales tax.
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