Starting values: $607,400, which is the Massachusetts median (4th of 51), 20% down and a 7.40% rate. Monthly cost: $4,048.41 ($3,364.41 loan, $506.17 property tax, $177.83 homeowners insurance). Put 5% down and add PMI and it rises to $4,919.67.
Homestead exemptions and property tax relief
There is no statewide homestead exemption from tax. Some communities, including Boston, adopt the residential exemption, which can remove up to 35% of the average residential value from an owner-occupied home's tax base. Apply to the city or town assessor. Older and lower-income owners can also claim a state income tax credit, the Senior Circuit Breaker.
First-time buyer programs
MassHousing pairs its first mortgages with down payment assistance for income-eligible first-time buyers. A one-time 2026 expansion offered $25,000 at 0% with deferred repayment to households up to 135% of area median income, but the money ran out and it took no new rate locks after July 2, 2026. Since July 6 the standard option is a $25,000 second mortgage repaid over 15 years at 2% or 3%, and the lender determines which option and amount you qualify for.
Transfer and recording taxes
The deeds excise is $2.28 per $500, or $4.56 per $1,000, about $2,770 on a $607,400 sale (Barnstable County uses a lower rate), and by custom the seller pays it. Buyers pay recording fees.
Closing costs to plan for
Massachusetts closings involve attorneys, and the lender's attorney often runs the closing. Budget for title insurance, an inspection, and, for older homes, a lead-paint or septic (Title 5) inspection.
When property tax bills are due
Most Massachusetts cities and towns bill quarterly. The August 1 and November 1 bills are preliminary, and the actual bill comes out around late December, with installments due February 1 and May 1. The fiscal year starts July 1, so closings prorate the quarterly bills.
Before you buy in Massachusetts
If you think your assessment is too high, the deadline to apply for an abatement is the due date of the first actual tax bill, usually February 1 in quarterly-billing communities, and a mailed application must be postmarked by then. If the actual bill is mailed after December 31, the deadline is May 1 or 30 days after mailing, whichever is later. Ask the town whether it adopts the residential exemption and how much it is worth. In Boston and other places that offer it, you have to apply after you buy.
2026 loan limit in Massachusetts
FHFA 2026 one-unit conforming limits: Dukes County and Nantucket County have the top limit ($1,249,125); 7 of 14 counties exceed the baseline. So $485,920, the 80% loan on a median home, needs no jumbo financing.
Massachusetts numbers used above
| Measure | Massachusetts | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $607,400 | $360,600 |
| Effective property tax rate | 1.00% (19th highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $2,134 | $1,737 |
| Median household income | $104,828 | $81,604 |
| Median gross rent | $1,848 | $1,487 |
| Income needed at 28% (20% down) | $173,503 | – |
Frequently asked questions
When are Massachusetts property taxes due?
In quarterly-billing towns, August 1, November 1, February 1 and May 1.
What is the deadline to apply for a Massachusetts abatement?
The due date of the first actual tax bill, usually February 1.
Do all Massachusetts towns offer a residential exemption?
No. It is a local option; Boston and some other communities adopt it.
What is the median-home payment in Massachusetts?
About $4,048.41 a month on a $607,400 home with 20% down at 7.40%, including tax and insurance.
Sources
- Mass.gov, issuing property tax bills
- M.G.L. c.59 §59
- MassHousing memo 2026.05
- Mass.gov, Senior Circuit Breaker
- M.G.L. c. 64D §1 (deeds excise)
- M.G.L. c. 59 §5C (residential exemption)
- Mass.gov, MassHousing $25,000 DPA
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Massachusetts paycheck