A new Tax Foundation report shows Massachusetts has the fifth highest property tax rate in the country, with our state’s ranking not improving over the last few years.
According to their report, Massachusetts has been ranked as the fifth highest in 2022, 2021 and 2019. In 2020, Massachusetts was the sixth highest in the country. Many of the New England states rank in the top ten most expensive states in the country, but unlike those other New England states, Massachusetts is considering raising its income tax rate for high income earners and some small businesses at this November’s election through a ballot question. If the ballot question passes, these high income earners and some small businesses are likely to flee our state, further depriving Massachusetts of these revenues and increasing the property tax burden on those who remain. The Tax Foundation’s report notes that property taxes matter to businesses for a wide variety of reasons and pay a significant part of the overall property taxes collected by states. A copy of the report may be found by clicking here.
“According to the Tax Foundation, Massachusetts property owners pay among the highest property taxes in the entire country. Today’s report comes after April’s state tax collections numbers show that Massachusetts collected nearly 80% more in taxes this April than last April,” stated Paul Diego Craney, spokesman for the Massachusetts Fiscal Alliance.
“Making things even worse, Speaker Ron Mariano and Senate President Karen Spilka have a ballot question this November to raise income taxes by 80% for some high-income earners and small businesses. If their 80% tax hike passes, many affluent and small businesses will flee out state, leaving the middle class to make up for the loss of tax collections, including property taxes,” continued Craney.
“It seems like the Speaker and Senate President are driving the state economy right into a brick wall but they do not seem to care. Eventually, the high taxes, high spending, and high inflation will catch up to them but it will come at the expense of the middle class who will be expected to pay for these reckless decisions by our State House leaders,” concluded Craney.