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Massachusetts is the second wealthiest state in the United States of America, with a median household income of $89,026 (as of 2021), [1] and a per capita income of $48,617 (as of 2021). [2] Many of the state's wealthiest towns are located in the Boston suburbs.
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 ...
Residents of Sterling pay property taxes on real estate and certain other personal items, such as unregistered vehicles. [20] The value of taxable property is determined by the town Board of Assessors. [21] In 2023, the tax rate was $14.30 for one thousand dollars of valuation. Although the tax rate consistently decreased from 2016 to 2023 ...
The reality is that your tax rate may be lower than you think. ... Massachusetts. Median household income: $89,026. Single filing total income taxes paid: $23,107.
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
As of January 1, 2020, Massachusetts has a flat-rate personal income tax of 5.00%, [297] after a 2002 voter referendum to eventually lower the rate to 5.0% [298] as amended by the legislature. [299] There is a tax exemption for income below a threshold that varies from year to year.
The income tax is less than 27% of the state government's revenue. Municipal (city and town) government spending is more than $22 billion on top of state government spending, bringing total government spending in Massachusetts to nearly $70 billion. The income tax is only 17% of total government spending.