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A 1980 law, passed by popular ballot and known as "Proposition 2½," sets limits on property tax and automotive excise tax rates. There are three parts to the property tax limit calculation. Levy Ceiling: A community may not, in any one year, collect more than 2.5% of the total full and fair cash value of all taxable real and personal property ...
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.
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.
Though some states may also tax other forms of property — personal assets like cars, for example — real estate is the primary source for property tax assessments. ... which is why everyone’s ...
The average property tax rate is 0.56%, one of the lowest rates in the country. The average homeowner will pay around $1,707 - more than $1,000 less than the national average.
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 ...
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.
Residents of Sterling pay property taxes on real estate and certain other personal items, such as unregistered vehicles. [22] The value of taxable property is determined by the town Board of Assessors. [23] In 2023, the tax rate was $14.30 for one thousand dollars of valuation. Although the tax rate consistently decreased from 2016 to 2023 ...