If you own a home or a business, you are required to pay property tax to the city. It seems kind of strange that one would need to pay the city in order to own a home, but the fact remains the same and it is true. You are not alone in incurring this property tax Massachusetts fee. All property owners in the state must pay the fees.
The money that is collected in property tax is used to pay a variety of different government related needs around town. This includes the school district, paving, snow removal, etc. The amount that is determined to be needed for the year to operate these things is called the budget. Once the budget has been set, the county determines the amount of money already available to allocate for those needs. With this figure in play, the value of your property is estimated, and a levy is attained based upon these amounts.
Property tax is paid on each piece of property that you own. If you own rental property, there is a tax on those properties. If you own a business, you will again pay taxes on that particular piece of property. The more valuable the property that you own, the greater amount that you will pay in taxes.
Although you might not like paying the property tax on your home or business, it is at least reassuring to know that the money that is being raised is being put to good use and helping to cover the costs of operating the schools and running the town.
Make sure that you pay your property taxes on time each year to avoid any kind of late fees and or penalties, both of which can be assessed if the taxes are not paid in a timely manner.