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Real Estate or Real Property includes land and all improvements. It is the physical land and everything attached to it, including everything under the ground (water and mineral rights) and everything above the ground. It includes all benefits, rights, interests and limitations inherent in the ownership of the real estate.
The major source of revenue for the 351 cities and towns in Massachusetts is the property tax. The property tax is an "ad valorem" (based on the value) tax. The tax is apportioned to individual properties based on the value of the property. In Massachusetts, estimates of the value are called assessments. The assessments of a large number of parcels for property tax purposes constitute a highly specialized field of appraisal. In Massachusetts, the property tax is assessed on real and personal property to the owner of record as of January 1.
Literary, temperance, benevolent, charitable or scientific organizations that may be entitled to an exemption under G.L. c. 59, § 5 Clause 3 must file State Tax Form 1-B3 initially and form 3ABC the first year and every year thereafter; listing all property they own or hold for those
purposes on January 1.
An abatement is a reduction of property valuation due to overvaluation, disproportionate assessment or improper classification of the property and may result in a tax reduction.
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