How much are property taxes

how much are property taxes

Property Taxes in Boston: How Much Are You Paying?

Posted at 08/27/2015 10:03 AM by Sarah Brooks

Property Taxes in Boston: How Much Are You Paying?

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As of 2015, current residential property tax rates in Boston are $12.11 per every one thousand dollars. This is down 47 cents from last year’s rate. The Massachusetts tax rate has a median of $15.69 per every thousand dollars.

What are property taxes?

Property taxes are a tax that the government charges on your property—including the value of your home and the land that it sits on. Typically, the value of your home is determined by the market value, which is determined by the current condition of your home plus what comparable homes in the area are worth.

Property taxes pay for meeting the needs of the city, such as building libraries, funding education and even removing snow. Depending on how much the city spends, your taxes could increase or decrease each

year.

The most expensive property taxes in Massachusetts belong to the town of Weston, MA. Property taxes are $12.28 per every one thousand dollars. with an average family tax bill of $18,059. The average statewide tax bill in 2014 was $5,044 for a single family home. Of course, the more expensive your home, the more you’ll pay in property taxes. Hancock, MA has the lowest property taxes, with the average bill in 2014 being just $664 .

How Property Taxes Affect You

When purchasing a home, the purchase price is just one of the factors you need to take into consideration. You also need to determine how much you’ll pay in homeowner’s insurance, how much the HOA will cost you, how much home maintenance is required, and how much you’ll pay in property taxes. While owning a home can be cheaper than renting (since rental rates have been rising significantly over the years), you have to make sure you fully understand the total costs involved with buying a home before signing the dotted line.

Source: www.capresidential.com

Category: Taxes

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