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Chapter 61 is a voluntary current use program designed by the Massachusetts Legislature to tax real property in the Commonwealth of Massachusetts at its resources value rather than its highest and best use (development) value. Landowners who enroll their land in the program receive property tax reductions in exchange for a lien on their ...
This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate, and is generally an obligation of the owner of the property. Values are determined by local officials, and may be disputed by property owners.
Proposition 2½ (Mass. Gen. L. c. 59, § 21C) is a Massachusetts statute that limits property tax assessments and, secondarily, automobile excise tax levies by Massachusetts municipalities. The name of the initiative refers to the 2.5% ceiling on total property taxes annually as well as the 2.5% limit on property tax increases.
The states with the lowest and highest real-estate tax rates are spread across various regions of the US. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: ...
This includes assets like cash, real estate, stocks and bonds, annuities, businesses, cars, jewelry and other personal property. ... The federal estate tax rate is 40% on any amount that exceeds ...
In addition to raising the real estate rate, council’s action Tuesday night created a first-ever tobacco sales tax and raised the food and lodging tax from 8% to 10%. The personal property and ...
According to the May 2005 Massachusetts Heritage Landscape Inventory Program (Swampscott Reconnaissance Report), “This large residential neighborhood was planned by Frederick Law Olmsted, Sr. in 1888 at the request of the Swampscott Land Trust. The 130-acre estate had belonged to E. Redington Mudge.
About 5% of Swampscott residents were below the poverty line, including 4% of those under 18 years, 4.2% of those 18-64, and 9.1% 65 years and older. The homeownership rate was 73.4%, and the median value of owner-occupied housing units was $560,500. The median home sale price for the town in 2007 was $565,894.