Taxes in MA? (sales, purchases, good schools)

[maestramommy]

Can someone tell me the tax rates for 1)state income tax 2) sales tax, and
3) property tax? Or does property tax vary according to municipality?

[jayrandom]

Massachusetts state taxes

5.3% on income, 12% on short-term capital gains.
Property rate depends on municipality, but is generally around 1% of assessed value. (Massachusetts Property Taxes By Lowest Residential Rate)
There is an excise tax on automobiles.

[maestramommy]

Thanks!

[Giantone]

Originally Posted by jayrandom

Massachusetts state taxes

5.3% on income, 12% on short-term capital gains.
Property rate depends on municipality, but is generally around 1% of assessed value. (Massachusetts Property Taxes By Lowest Residential Rate)
There is an excise tax on automobiles.

Ok then in the opinion of all ,tax wise how would you rate the three states?Good ,Bad,Really Bad?

1)Mass
2)Vermont
3)NH

[jayrandom]

The Tax Foundation - State and Local Tax Burdens Compared to Other U.S. States, 1970-2007

Vermont is #1 at an average rate of 14%(highest burden in US in 2007).
Massachusetts is #28 at an average rate of 10.6% (in the middle, despite our nickname)
New Hampshire is #49 (only Alaskans pay less) at an average rate of 8.0%

This only applies if you live and work in those states--you still have to pay MA state taxes if you work in MA but live in NH. Also, the NH property tax burdens vary a lot by municipality. If you want good schools, property taxes will be higher.

When you factor in the federal tax burden, MA climbs a lot because of our progressive federal tax structure and the relatively high cost of living here.

[maestramommy]

What's the sales tax in MA?

[CaseyB]

Originally Posted by maestramommy

What's the sales tax in MA?

The Sales Tax is 5%. Food and clothing are exempt, but not car purchases.