Massachusetts is witnessing a historic milestone in property assessments, with the
According to the latest data from the state’s Department of Revenue, the total assessed value reached $1,008,910,834,433 as of last week, while the median value for a single-family home now stands at $700,872.
Despite a steady decline in annual tax rates—both residential and commercial—since 2021, property values have surged at a pace that has driven median tax bills upward. Over the past four years, the median single-family tax bill has increased by $1,363, marking a 21% jump. This rise is playing a significant role in the overall increase in the cost of living across the Commonwealth.
The data also highlights notable shifts in the rankings of towns with the highest residential tax rates. Longmeadow, which held the top spot from 2019 to 2023 before dropping to fourth last year, has now reclaimed its position as the town with the highest residential tax rate. Meanwhile, Plainfield, previously ranked number one, has fallen to seventh place.
Additionally, there are seven towns—Chilmark, Gill, Gosnold, Mashpee, Royalston, Tyringham, and Wendell—that were not included in the Department of Revenue’s data as of January 24 because they had not yet set their tax rates.
On the commercial front, the city of Boston has made headlines by appearing among the top 20 highest commercial tax rates in the state for the first time in recent memory. This comes amid efforts by Boston’s mayor to raise the city’s commercial tax rate, reflecting ongoing debates about fiscal policy and public service funding in urban areas.
As Massachusetts continues to navigate the balance between booming property values and declining tax rates, residents and policymakers alike are keeping a close eye on the implications for housing affordability and local government revenue. The contrast between rapidly increasing property assessments and the slow decline in tax rates underscores a complex economic landscape that is reshaping the financial realities for homeowners and businesses across the state.