FY20 – Fiscal Year 2020 (July 1, 2019 to June 30, 2020)
In Massachusetts, real estate tax rates are set annually during the city/town budget process and require state approval. Many cities and towns offer a variety of real estate tax exemptions and some (but not all) offer a “Residential Exemption*” which can significantly lower the annual residential tax for homeowners who occupy their primary residence.
Fiscal Year begins on July 1 and ends on June 30 of the following calendar year. Residential tax rates and Residential Exemption values are updated each fiscal year. Tax collection periods vary by city/town and most are set for quarterly collection. Before making an Offer to Purchase, the best practice is to verify the current tax information directly with the city/town assessor. Most residential tax bills are now available online (or call the tax collector directly) to verify current fiscal year taxes for a specific property.
View my Residential Tax Comparison FY20 by Tamela Roche for a comparison tax rates (including residential exemption savings where applicable) for Arlington MA, Belmont MA, Boston MA, Brookline MA, Cambridge MA, Medford MA, Somerville MA, Waltham MA and Watertown MA. All tax data obtained from city/town tax assessor departments online (see links below for each city/town assessor).
HOME BUYER BEWARE: Tax information provided in MLS (Multiple Listing Service) may not reflect the current fiscal year especially for listings on the market for an extended period of time. MLS does NOT verify information provided in a listing; it is the Buyer’s responsibility to complete due diligence to verify tax information. If applying for a mortgage to finance a new home purchase, your lender will also need the most current fiscal year tax information.
*Note: The Residential Exemption applies to homeowners who meet specific qualifications. Visit the official website for each city or town to learn more about the Residential Exemption qualifications, application process and other personal exemptions available:
- Arlington, MA Assessor
- Belmont, MA Assessor
- Boston, MA Assessor
- Brookline, MA Assessor
- Cambridge, MA Assessor
- Medford, MA Assessor
- Somerville, MA Assessor
- Waltham, MA Assessor
- Watertown, MA Assessor
Always consult with a licensed tax professional for any questions regarding real estate taxes and liability.