What are real estate taxes?

Real estate taxes are taxes imposed on property owners in Massachusetts. They are assessed on the value of land and buildings. The amount of the tax is based on the assessed value of the property and is used to fund government services, such as schools, roads, and public safety. In Massachusetts, there are two types of real estate taxes: property taxes and excise taxes. Property taxes are levied on the total assessed value of the property, and are usually paid once a year. Excise taxes are short-term taxes paid in relation to the transfer of a property or when it is used for a purpose other than that for which it was intended. Examples of excise taxes are transfer taxes, betterment taxes, and leasehold tax. Real estate taxes are an important source of income for local and state governments in Massachusetts. They are used to pay for public goods and services, such as schools, roads, and public safety. In order to ensure that real estate taxes are fair, the Massachusetts Office of Tax and Finance assesses property values annually to ensure that they are accurate. Real estate taxes can be a large financial burden for property owners. However, they are a necessary part of funding the public services that ensure Massachusetts remains a safe and vibrant place to live.

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