A Primer on Real Estate and Property Taxes

A Primer on Real Estate and Property Taxes

Property taxes are the single largest recurring cost of homeownership besides your mortgage. In Massachusetts, taxes are paid quarterly.

How Your Bill is Calculated

Your tax bill is a simple equation:

$( ext{Assessed Value} / 1000) imes ext{Tax Rate}$

If your home in Belmont is assessed at $1.5M and the tax rate is $11.00, your annual bill is $16,500.

Abatements: Can You Lower Your Taxes?

If you believe your assessment is higher than the actual market value, you can apply for an Abatement. You must provide evidence (comps) to the city assessor.