Property tax rates in Massachusetts are much lower than much of the country. And property taxes in some cities, like Boston, are much lower than that.
Let’s look at Boston.
For fiscal 2020, the tax rate was $10.56/$1000.
That makes the property taxes in Boston relatively affordable.
That is 1.056% of the assessed value, or $5,280 per year on an assessed value of $500,000 or $10,560 per year on an assessed value of $1M.
The real magic is in the residential exemption. For an owner who meets the residency requirements there is an exemption, or a discount, off the real estate taxes.
This “discount” in 2020 was $2,879.79. A tax bill of an assessed value of $500,000 was then $2400.21, or about $200 per month. That’s a fraction of the cost of suburban taxes.
See the City of Boston Assessor Website for details on the program and the application process.
