Average property tax bills in Mass top $7.5K; see costs town-by-town Leave a comment

A product that costs more than $175 is taxable above that amount, so a $200 pair of shoes would be taxed at 6.25% on the $25 above the exemption limit. Other exempt items include periodicals, admissions tickets (i.e. to movies or sporting events), professional or personal services and most health care products. Residents of Massachusetts are also subject to a penalty if they do not have health insurance coverage, which is paid through their tax return.

• Middlesex County calculates the property tax due based on the fair market value of the home or property in question, as determined by the Middlesex County Property Tax Assessor.
• The filing due date for S corporation tax returns is the 15th day of the third month following the close of each taxable year.
• We estimate the OBBBA will reduce federal taxes on average for individual taxpayers in every state.
• Property tax income is almost always used for local projects and services, and does not go to the federal or state budget.
• If you have additional benefits or withholdings, they will be deducted too.
• Scott Cashman is the Tax Manager for the firm’s Estate, Financial and Tax Planning practice area.

Massachusetts State Taxes: What You’ll Pay in 2025

For tax years beginning on or after January 1, 2023, the tax rate on short-term gains from the sale or exchange of capital assets is 8.5%. Massachusetts currently has a flat income tax rate of 5% for the 2024 tax year, and this rate is expected to remain the same for the 2025 tax year. We will continue to monitor any official ma income tax rate updates from the Massachusetts Department of Revenue for the 2025 tax year.

Who has the highest taxes in Massachusetts?

• Tax burdens rose across the country as pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product.
• The Massachusetts Department of Revenue (DOR) administers these tax laws, ensuring compliance and providing guidance.
• Contributions made to these plans are typically pre-tax, meaning they are deducted from the employee’s gross income before taxes are calculated.
• Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 24 percent of combined state and local tax collections.
• Most county assessors’ offices are located in or near the county courthouse or the local county administration building.

That applies to residents, part-year residents, and nonresidents with Massachusetts-sourced income. Even if you are not required to file a federal return, you still need to file a Suspense Account state tax return if you earn more than the threshold. Massachusetts does not allow local jurisdictions like cities or counties to collect a local sales tax.

2 – Massachusetts Personal Exemptions

Instead, we provide property tax information based on the statistical median of all taxable properties in Middlesex County. The median property tax amount is based on the median Middlesex County property value of $420,800. You can use these numbers as a reliable benchmark for comparing Middlesex County’s property taxes with property taxes in other areas.

Massachusetts State Income Tax Tables in 2020

Massachusetts tax rates are expected to remain stable, but potential policy changes could affect deductions and surtaxes. The 2025 tax rates and thresholds for both the Massachusetts State Tax Tables and Federal Tax Tables are comprehensively integrated into gross vs net the Massachusetts Tax Calculator for 2025. This tool is freely available and is designed to help you accurately estimate your 2026 tax return. High property taxes levied not only on land but also on buildings and structures can discourage investment in infrastructure, which businesses would have to pay additional tax on.

Personal Income Tax Rates

Middlesex County is ranked 151st of the 3143 counties for property taxes as a percentage of median income. The current Massachusetts estate tax exemption is $2 million for decedents dying on or after January 1, 2023. If the total value of a decedent’s gross estate, including any adjusted taxable gifts, is at or below this threshold, no Massachusetts estate tax is due. In addition to the Massachusetts corporate income tax, Massachusetts corporations must also pay the federal corporate income tax. Like the personal income tax the federal business tax is bracketed based on income level, with eight corporate tax brackets.

Total assessed property values by property class as reported to DLS by city and town boards of assessors. If you purchase a product or register for an account through a link on our site, we may receive compensation. “If your city or town lists property assessment information on their website, compare your property with other similar properties,” the Office advised. Your are expected to voluntarily list your liable purchases on a Massachusetts Use Tax Return, which should be attached with payment to your Massachusetts Income Tax Return.