Yes, they are a bit on the higher side. You should definitely consider the amount of commercial businesses in a community as this will help your overall tax burden. Both commercial businesses and residents contribute to a towns revenues levied by property taxes. When one is lacking, the other must make up the difference. For example, the taxes in Natick are substantially lower relative to Sherborn (just south of Natick), because Sherborn has very little in terms of retail/office space. Residential property owners in Sherborn must carry to burden in property taxes in this situation.
Hope this information helps.
Anthony C. Fireman
Keller Williams Realty
Taxes are levied by all communities by multiplying two variables. First is the assessed value of the property and the second in the â€œmillage rateâ€ which is nothing more than a rate per thousand of assessed value. In the City of Boston the 2009 residential tax rate is $10.63 per thousand. If you were looking at a property that had an assessed value of $300,000 you simply multiply 300 by $10.63 and find the taxes on that particular property equals $3189.00. The reason different neighborhoods in Boston have different taxes is due to the difference in assessed values, the millage rate stays the same.
Another poster did mention the home ownerâ€™s exemption which is actually a $1375.36 reduction if you live in the property. Based on the example above, the taxes would be reduced from $3189.00 to $1813.64.
I hope this helps. As always, if you have additional questions fell free to contact me at Brian@TeamRugg.com .
Boston RE Expert
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