Based on industry data from the Warren Group on home sales in Massachusetts, previous analysis has shown how rare it is that a sale might generate taxable capital gains of $1 million or more. But what does the data say about home sales that might have created taxable income over $1 million in 2021?
In the majority of Massachusetts cities and towns, no homes sold for a net gain of $1 million or more, meaning they wouldn’t be subject to any additional taxes under the Fair Share Amendment.
Even in Massachusetts’ hot housing market with many homes selling for over $1 million, the vast majority of all home sales will not subject the home sellers to a proposed “millionaire’s tax.”
ALL HOUSING REPORTS
The Emergency Rental Assistance Program is not the only way to ensure adequate rental assistance support in the Commonwealth, other ARPA funding or state dollars could be utilized to encourage housing security.
The fight for using ARPA dollars for housing is not over! Dollars from the Coronavirus State Fiscal Recovery Fund – the most flexible pot of COVID relief money provided by the U.S. government – are still available and provide an opportunity to fund housing initiatives that foster a more equitable recovery.
MassBudget analyst La-Brina Almeida co-authored a groundbreaking report, “Housing Justice Beyond the Emergency: An Analysis of Racial Inequity in Eviction Filings Across Massachusetts,” in collaboration with local partners, Homes for All Massachusetts.
Photo via Getty Images Friend, Nobody deserves to wonder if one Supreme Court decision is the difference between keeping their family safely housed or …
There is a housing crisis in Massachusetts — pre-dating the pandemic and worsened by it. This paper explores the role the state budget plays in …
Image transcription: A History of Racist Federal Housing Policies La-Brina Almeida, Policy Analyst 1933 The Home Owners’ Loan Corporation (HOLC) was established to assist homeowners …
As a result of the pandemic, municipalities face increased spending needs and declining revenues. Many have the ability to raise property taxes, though others are constrained by Proposition 2 1/2. Moreover, property taxes tend to fall hardest on those with lower incomes. Without sufficient municipal aid, cities and towns may be forced to make public cuts which would slow the economic recovery.
Cities and towns rely on property taxes as their chief source of revenue to provide vital public services and infrastructure. Low- and moderate-income households tend to pay a larger portion of income in property taxes than those with high incomes, especially considering how some taxes get passed on from owners to renters. This paper examines why this is the case and what existing policies help make property taxes more progressive.Finally seven kids of state and local policy reforms are discussed that would redirect responsibility for property taxes towards those most able to pay.