Personal Property Statement With Replacement Cost In Massachusetts
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The tax is calculated by multiplying the assessed value of the property by the personal property tax rate of the city or town. Personal property is assessed separately from real estate where it is located.
The base state sales tax rate in Massachusetts is 6.25%. Local tax rates in Massachusetts range from 6.25%, making the sales tax range in Massachusetts 6.25%.
Deductible personal property taxes are those based only on the value of personal property such as a boat or car. The tax must be charged to you on a yearly basis, even if it's collected more than once a year or less than once a year.
Real property taxes are assessed on agricultural, commercial, industrial, residential and utility property. Personal property is property that is not permanently affixed to land: e.g., equipment, furniture, tools and computers. Personal property taxes are assessed only on property that is used in business.
The excise rate is $25 per $1,000 of your vehicle's value. It is charged for a full calendar year and billed by the community where the vehicle is usually garaged. If your vehicle is registered in Massachusetts but garaged outside of Massachusetts, the Commissioner of Revenue will bill the excise.
Personal property generally includes tangible items that are not firmly attached to land or buildings and are not specially designed for or of such a size and bulk to be considered part of the real estate. This includes, for example, merchandise, furniture, machinery, tools, animals and equipment.
Massachusetts levies an excise on each vehicle at the rate of $25 per $1,000 of valuation. City or town assessors can access information on a vehicle's value from a database of valuation figures.
You must be 70 or older. For Clauses 41C and 41C½, the eligible age may be reduced to 65 or older, by vote of the legislative body of your city or town. You must own and occupy the property as your domicile.
Personal Property Tax is assessed separately from real estate. It is assessed upon non-real estate, tangible assets, including furniture & fixtures, machinery & equipment, goods and materials and other chattels not part of real estate.