Massachusetts ranked one of the worst states for property taxes: Massachusetts HomeOwnership HomeBuyers

 A new report ranks Massachusetts as one of the worst states in the country when it comes to property taxes. The index is designed to help business leaders, taxpayers and government officials gauge how their states’ tax systems compare to others in terms of how they are structured and can be improved. While it wasn’t in the top ten or bottom ten, the Tax Foundation’s ​​2022 State Business Tax Climate Index ranked the Bay State thirty fourth on its list. Wyoming was the best state in the nation, while New Jersey was the worst. States were compared on more than one hundred and twenty variables in the five major areas of taxation.

 Each state’s overall ranking was based on how it ranked in several categories: Corporate tax, individual income tax, sales tax, property tax and unemployment insurance tax. Massachusetts did well coming in just outside the top ten in individual income tax rank (eleventh) and ranking twelfth for sales tax. However, when it comes to corporate taxes, it ranked thirty sixth, forty fifth for property taxes and came in as the worst state in the nation for ​​unemployment insurance tax. States in the top ten of the index shared a common factor the absence of a major tax.

 While property and unemployment insurance taxes are collected in all states, several don’t have a corporate income tax, individual income tax or sales tax, and some only have one of the latter three taxes.  Nevada, South Dakota and Wyoming, which ranked seventh, second and first respectively, don’t have corporate or individual income taxes. number three ranked Alaska doesn’t have an individual income tax or a state level sales tax, while number four ranked Florida and number eight ranked Tennessee don’t have an individual income tax. Both New Hampshire, which ranked sixth, and Montana, which ranked fifth, do not have a sales tax.

The post Massachusetts ranked one of the worst states for property taxes appeared first on Boston Agent Magazine.

First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.

Who Pays the Home Buyer's Agent?

Both seller's agent fees and buyer agent's fees are part of a typical real estate transaction and are included in the final negotiated purchase price of the property. There should be no additional fees to the buyer for a buyer's agent above and beyond the negotiated purchase price of a home unless specifically agreed in writing between the buyer and agent before an offer is made.

In most cases, the seller's agent pays the buyer's agent for bringing the buyer, negotiating the purchase price and terms, writing a legally correct offer, coordinating inspections, responses, and financing plus handling numerous additional details on the buyer's side of the transaction.

Buyers should avoid contacting seller's agents and sellers directly unless they are comfortable negotiating and representing themselves. That is why it is important for buyers to choose their agents BEFORE they begin looking at homes or as soon as possible if they have begun looking.

Did you know that fewer than one percent of the agents and brokers in Massachusetts have committed to being 100% loyal to their buyers 100% of the time?

To learn more about the pros and cons of various types of buyer agents, or to get a list of experienced local 100% loyal buyer's agents to interview without obligation, click the button below.

 Find a Great Buyer Agent!