Explaining Property Taxes in Massachusetts

Explaining Property Taxes in Massachusetts

Property taxes vary wildly from town to town. If you're choosing between Newton, Weston, and Wellesley, the tax bill should be part of your math.

How It's Calculated

The Mill Rate: This is the amount of tax payable per $1,000 of assessed value. Assessments vs. Market Value: Remember, your town assessment is often lower than what you actually paid for the home. Exemptions: Many towns offer 'Residential Exemptions' for owner-occupants, which can save you thousands (very common in Cambridge and Somerville*).

Pro Tip

Always check if the home has any betterments or special assessments for sewers or roads before you buy.

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