If you are planning to buy a Beacon Hill condo in Massachusetts, property tax should be kept in mind to ensure you can afford the Boston condo of your dreams. Condos, like other types of property, require the owner to pay property tax.
Boston condo tax rate
There are two main factors needed to determine how much property tax you are going to pay. The first is the tax rate, a number formulated by counties and oftentimes regulated by the state. While tax rates are subject to change annually, they generally fluctuate only slightly, so you don’t have to worry about property tax payments skyrocketing overnight.
Boston condo market value
The second factor in determining amount of property tax due is the market value of your Beacon Hill condo. The market value of a condo identifies things such as the condo’s location, supply and demand of other properties in the area, internal characteristics such as number of bedrooms and construction quality, and external characteristics like 24-hour security and shared outdoor space. Other condos recently sold with similar features, also referred to as comparable Boston real estate agents as the key way of determining market value.
Once you’ve found out the tax rate and property value, the two numbers will be multiplied to determine the annual property tax owed. While this number will not be significant, it is important to include in your costs for buying a condo in Downtown Boston so you budget correctly.
For more information about buying a condo, loft, or penthouse in Downtown Boston, reach out to the experienced and professional real estate agents at Ford Realty. We work, live, and play in Beacon Hill and can find you the perfect property that meets your individual needs, no matter what stage in life you’re in. Call us at for more information or to request a showing.
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