Find out how much it costs to live in Falmouth.
State Income Tax:
Social Security Tax?
County + State Sales Tax
Property Tax Rate *
Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *
Cost of Living Index (100=average):
Housing + transportation costs as % of income:
State Sales Tax Breaks for Seniors:
Tax burden: % income going to state and local taxes:
Massachusetts has no inheritance tax. Estates valued at more than $1 million may be subject to an estate tax. Tax rates range from 0.8% for estates valued at $1 million to 16% for estates exceeding $10,040,000. There is an unlimited marital deduction for property left to a surviving spouse and an unlimited charitable deduction for property left to a qualified charity.\n
Massachusetts homeowners and renters who are 65 or older may qualify to claim a refundable tax credit on their state income taxes to offset real estate taxes paid during the year on their principal home. The taxpayer's total income cannot exceed $56,000 for a single filer, $70,000 for a head of household or $84,000 for taxpayers filing jointly. For homeowners, the value of the residence cannot exceed $691,000. For 2014, the maximum credit was $1,050.\n\nSome Massachusetts cities and towns offer a "senior citizen property tax work-off program," which allows seniors to do volunteer work for their local governments in exchange for a reduction in their property taxes. Senior homeowners age 60 or older must meet local program requirements to participate.\n
For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/
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