Do I Need to Pay Property Taxes?
If you own real estate in Massachusetts, which includes land and buildings used for personal or business purposes, that property is taxable under Massachusetts Property Tax Law. Generally, you will pay property taxes each quarter unless certain circumstances apply to you:
- Homeowners with a Mortgage — According to the Consumer Financial Protection Bureau (CFPB), if you have a mortgage on your home, your property taxes may be taken directly from an escrow account. These accounts are set up by your mortgage lender and allow you to pay your property taxes with your monthly mortgage payment. Check to see if your loan includes an escrow account to find out if this applies to you. If your loan doesn’t include an escrow account, you may be able to request one.
- Residents Who Qualify for Exemptions — Some real estate tax exemptions or property tax deferrals are available for seniors, veterans, and people who are blind. In most cases, you must apply for exemptions by Dec. 15 each year.
Where Can I Find Out How to File Property Taxes?
Property taxes are filed and collected through the town or city where the property is located, not through the state government. Forms, policies, and tax rates vary depending on the municipality. To help you find out how to file property taxes for your city or town, the Massachusetts Municipal Association provides a list of official city and town websites. In addition, the Secretary of the Commonwealth of Massachusetts has telephone listings for city and town halls throughout the Bay State.
Massachusetts Real Estate Tax Credit for Seniors
In addition to possible exemptions from municipalities, seniors in the Commonwealth may be eligible for a tax credit on their state income taxes. The Circuit Breaker Tax Credit allows some individuals who are 65 and over to claim a refund of up to $1,070 for rent or property taxes paid on their primary residence. To find out if you are eligible, read the 2015 real estate tax credit changes.
Contact your city or town for more information on property taxes in Massachusetts.
Share this post with friends and family who will be filing property taxes this year. Tweet @MassGov or comment below with questions.
Tags: circuit breaker tax credit, escrow, homeowner, homeowners, homeownership, mortgage, mortgages, property tax, property taxes, real estate, real estate tax credit for seniors, real estate tax exemption, tax, tax credits, taxes
Ice Fishing, Hunting, and Camping This Winter posted on Jan 11
Winter is here, but your outdoor adventures don’t have to end. There’s a winter wonderland just waiting to be explored in Massachusetts state parks, Wildlife Management Areas, and forests. Whether you’re interested in hunting, fishing, or camping, the Department of Conservation and Recreation (DCR) and the Department of Fish and …Continue Reading Ice Fishing, Hunting, and Camping This Winter
New Year’s Eve Safety posted on Dec 23
Whether you’re celebrating in the Berkshires, Boston, or somewhere in between, New Year’s Eve events can be found across Massachusetts. While the holiday offers us a chance to ring in 2017 with friends, family, and fun, there are a few safety tips everyone should keep …Continue Reading New Year’s Eve Safety
3 Activities to Keep You Moving this Winter posted on Dec 21
Another New England winter is rolling in with snow, ice, and more snow. But you don’t have to go into hibernation just because the temperature drops. According to the Centers for Disease Control and Prevention (CDC), a number of winter activities can help you stay fit. Between …Continue Reading 3 Activities to Keep You Moving this Winter