The Cost of Owning Boston Real Estate: Calculating Taxes
If you’re thinking about purchasing Boston real estate, you’re probably trying to determine the true costs of home ownership. Part of that is paying taxes on your Boston real estate.
For example, if you are looking at owning in Middlesex County in Massachusetts, you can assume you’ll pay somewhere around the following spectrum:
- Real estate worth up to $120,000: Taxes low $1,659 to high $3,901
- Real estate worth $120,000-$240,000: Taxes low $2,095 to high $4,565
- Real estate worth 240,000-$360,000: Taxes low $2,593 to high $6,112
To determine your monthly payments simply divide by 12. Residential tax will never be a part of owning Boston real estate and will most likely go up over time. The residential tax on your Boston real estate will be due every month even after you pay off your mortgage. Taxes can vary greatly from one city to the next, so before purchasing ask your Boston real estate agent what you can expect to pay in property taxes. This is yet another reason why it is so important to find a Boston real estate agent that is knowledgeable and extremely familiar with the area you’re looking to purchase Boston real estate.
If you’re interested in purchasing Boston real estate contact High Rise Boston to discuss your housing needs.