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As stated above, if you are a homeowner whose primary residence is a property in Massachusetts, you automatically receive up to $125,000 in Homestead Exemption protection. Anyone who owns and occupies a primary residence in Massachusetts may apply for additional Homestead Exemption protection.
If you own and live in your property as a primary residence, you may qualify for the residential exemption. The residential exemption reduces your tax bill by excluding a portion of your residential property's value from taxation.
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.
Massachusetts laws Includes clauses for real estate tax exemptions for blind persons, qualifying senior citizens, qualifying surviving spouses, minor children and elderly persons, qualifying veterans, and religious and charitable organizations.
Exemption Programs Blind Exemption 37A. Learn more about how to apply for a 37A Blind exemption. Co-op Housing Exemption. ... Elderly Exemption 41C. ... Hardship Exemption Clause 18. ... National Guard Exemption. ... Residential Exemption. ... Statutory Exemption. ... Surviving Spouse, Minor Child of Deceased Parent, Elderly Exemption 17D.
Interest income excluded from federal gross income under IRC Sec. 103 is generally taxable in Massachusetts.
Tax rates in Massachusetts are determined by cities and towns. They are expressed in dollars per $1,000 of assessed value (often referred to as mill rates). For example, if your assessed value is $200,000 and your tax rate is 10, your total annual tax would be $2,000.
All personal property situated in the commonwealth is subject to tax, unless specifically exempt by law. See Massachusetts GL c. 59, §2. Property is situated in a particular city or town in the commonwealth if it is present on January 1 with the owner's intention that it remain with some degree of permanence.