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
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