Property Tax Lawyers in Lexington
The government of Lexington, Massachusetts requires most people who own real property to pay taxes on its value. "Real property" refers to land and buildings, as well as anything else which is permanently attached to a piece of land, including trees, oil, groundwater, minerals, and the like.
Lexington, Massachusetts measures property taxes simply by taking a percentage of the property's value. Usually, they are paid on a yearly or monthly basis.
In general, the federal government does not impose any property tax. Typically, property tax is imposed by state, county, and municipal governments.
How Property Tax is Calculated in Lexington, Massachusetts
Usually, Lexington, Massachusetts property taxes are determined as a percentage of the property's value. Tax rates vary widely, but they typically run from less than 1% up to about 5%.
To levy this tax, Lexington, Massachusetts tax authorities must first figure out how much a house or piece of land is worth.
As you probably know, value is not always objective. For instance, the owners of family heirlooms usually place far more value on them than their objective monetary value. So tax officials have to be careful to only use objective criteria in valuing property for tax purposes.
To that end, the Lexington, Massachusetts employees in charge of appraising land look at objective facts to calculate value, like the size of the land and any buildings on it, the way in which the land may legally be used (zoning), and the health of the local real estate market.
How A Lexington, Massachusetts Property Tax Attorney Can Help.
The property tax system in Lexington, Massachusetts can get pretty complicated. There are many reasons why you might run into a legal dispute regarding your property tax. For example, you may believe that the appraised value of your property was too high, increasing your tax burden unjustly. Or, the state might accuse you of failing to pay your property tax.
If you are affected by one of these, or any other, property tax legal issues in Lexington, Massachusetts, you should deal with it properly. If you fail to do so, a relatively minor issue can become much more expensive and inconvenient than it might otherwise have been. So, the assistance of a good tax attorney in Lexington, Massachusetts is highly useful in avoiding these issues in the first place, or handling them if they do arise.