QUINCY ‒ Property taxes on the median value home are going up by about $552, or 7.6%, for fiscal year 2026, which started on July 1 and continues through June 30, 2026. The DIY (do-it-yourself) movement experienced a surge during COVID and continued in the aftermath, as many people realized they were perfectly capable of trimming their own hair or even replacing a kitchen faucet. Buying or selling a home is one of the biggest financial decisions most people ever make. And a new law in Massachusetts will make the process fairer, safer and more transparent. As of fall 2025, every home buyer has the right to inspect their new home before they… In parts of the state, like New York City, all types of taxes are even higher.

Sales Tax by ZIP Code in Bridgewater

An additional 4% surtax applies to annual taxable income above $1,083,150, resulting in a total top marginal rate of 9% for high earners. Technically, you don’t have just one “tax bracket” – you pay all of the Massachusetts marginal tax rates from the lowest tax bracket to the tax bracket in which you earned your last dollar. For comparison purposes, however, your Massachusetts tax bracket is the tax bracket in which your last earned dollar in any given tax period falls. Massachusetts does not have a standard deduction, but it allows many of the same itemized deductions as the federal government, as well as some additional ones.

Massachusetts Tax Rates

“This vertical inequity QuickBooks means middle-income homeowners pay a larger share of their home’s value in taxes than those who own Boston’s most valuable properties. Wu’s proposal seeks to shift more of the city’s tax burden from the residential to commercial sector beyond the 175% limit allowed by state law for three years. Tax season is approaching, and millions of Americans will soon turn their attention to tax brackets. Movable, physical property is subject to the personal property tax, but there are exceptions. When states decide not to conform (i.e., to decouple from federal rules), they don’t automatically follow new federal provisions, like those in the 2025 Trump tax megabill. So, the decision on whether to decouple can change how much people or businesses owe in state taxes, even if their federal tax bill is lower.

New York Income Tax Calculator

If lawmakers do not act on a specific proposal, organizers will need to gather another 12,429 signatures to secure their petition’s place on the ballot. After calculating the supplemental pay rate, the employee’s net pay is $326.75. Massachusetts encourages electronic filing through MassTaxConnect or approved tax software. Keep consistent records and be ready to provide tax transcripts or returns when requested. You can file your taxes online through the Massachusetts Department of Revenue website, by mail, or with the help of a tax professional. For more up-to-date and detailed information and to view all of the public written statements referenced, go to the 2024 Form 335 Instructions.

What Should I Do If My Estimated Taxes Seem Too High or Low?

Short-term capital gains, which are realized in less than a year, are taxed at a rate of 8.5%, as are long-term gains on the sales of collectibles. Massachusetts imposes an income tax on its residents and non-residents earning income within the state. Understanding the state’s income tax structure, including rates, taxable income, deductions, exemptions, and credits, is important for taxpayers.

See TIR 24-4, Section IV, for a general discussion of this change. The $552 marks the highest single-year increase in residential property taxes in recent years. Since 2018, taxes have increased an average of $261 per year, less than half of this year’s jump, according to Patriot Ledger archives. Some transactions qualify for full or partial exemption, including spousal transfers and like-kind (Section 1031) exchanges. Regardless of where you live in the Empire State, if you are looking to refinance or purchase a property in New York with a mortgage, check out our guide to mortgages in New York. We’ve got details on average mortgage rates and other information about getting a mortgage in the Empire State.

Unlike the 6.25% sales tax, which is collected by sellers, use tax is Payroll Taxes generally paid directly to the state by the purchaser. Once you’ve entered this information, the calculator will display your new total monthly payment estimate with a breakdown that includes your potential monthly and annual savings. Our mission is to accurately assess property and provide prompt and courteous help to the public.

Individuals who are deemed able to afford health insurance but fail to obtain it are generally subject to penalties in Massachusetts for each month of noncompliance in the tax year. The property tax levy is the annual amount of taxes assessed upon real and personal property in the community. For most communities, the property tax levy is the largest revenue source. Along with other revenue sources such as estimated receipts and available reserves, these revenues balance the spending needs voted in the omnibus budget. Since FY1982, the property tax levy has been subject to the limits of Prop 2½.

How To File Your Massachusetts Income Tax Return

For your 2025 taxes (which you’ll file in early 2026), only individuals making more than $25,000,000 pay the top rate, and earners in the next bracket pay 0.6% less. Joint filers face the same rates, with brackets approximately double those of single filers. You may need to use a supplemental flat tax rate for federal and state income taxes. So, take a look at the supplemental tax rates by state to see if your state massachusetts income tax rate does. The average property tax rate in Massachusetts is 1.04 percent, according to the Tax Foundation.Learn more about property tax in Massachusetts. People who are blind, seniors, surviving spouses and veterans, as well as anyone who claims the Bay State as their primary residence,  may qualify for local property tax exemptions.

• While long-term gains receive favorable treatment compared to short-term gains, high earners face substantially higher effective rates due to the Millionaire’s Tax.
• Keep in mind that being granted a federal tax extension does not grant you a state tax extension in Massachusetts.
• New customers can file federal and 1 state individual tax return for just $24.99 total.
• Enter your spouse’s Social Security number in the appropriate space at the top of the return under taxpayer’s Social Security number.
• For those who prefer to file by mail, it’s essential to ensure that all documentation is complete and accurate to avoid potential delays or issues with the DOR.

2 – Massachusetts Personal Exemptions

We determine the value of property in Boston for the purpose of taxation. Higher taxes can make betting more expensive for consumers, but they also generate significant revenue for public services like education, infrastructure, and health programs. Federal tax policy often dominates headlines, especially since President Donald Trump and the GOP enacted a sweeping tax overhaul last year.