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In Massachusetts, the tax rate on the sale of a home is established at $4.56 for every $1,000 of the sale price. This tax is known as the "Deed Excise Tax" and is imposed on the transfer of real estate.
When a property is sold, the seller is responsible for this tax, which is calculated based on the selling price of the property. To convert the sale price into a tax amount, one would divide the total sale price by 1,000 and then multiply that result by $4.56.
Understanding this tax rate is vital for both sellers and buyers, as it can affect the overall cost of the transaction. Sellers should factor this tax into their closing costs, while buyers should be aware of it to ensure that all transaction expenses are accounted for in their budget.