Mass RE Taxes Now Top NH
Following the Tax Foundation’s release of a report ranking states based on their local property tax burdens, the Massachusetts Fiscal Alliance issued the following statement today noting that for the first time New Hampshire has overtaken Massachusetts in the rankings.
“Conventional wisdom for many in Massachusetts has always been that New Hampshire’s lack of any income or sales tax created a situation where local property taxes were oppressively high compared to ours here in the Commonwealth. This latest report shows that’s no longer the case. Now Massachusetts residents can boast that they have a higher income tax, a higher sales tax, and higher property taxes,” noted Paul D. Craney, a spokesman for MassFiscal.
Massachusetts ranked #46 in the property tax rankings, while New Hampshire improved their score by four spots to come in at #43. As recent reports have begun to show significant levels of outmigration of people and wealth from Massachusetts, the top destination for people leaving the state has consistently been New Hampshire and Florida. Florida ranks #12 according to the report.
“The perception of New Hampshire’s property taxes being outrageous compared to ours has always been one of the few things counting against it as far as competitiveness. The Tax Foundation’s report demonstrates that to be untrue. In almost every category, New Hampshire is now more competitive. Governor Healey, Senate President Spilka, and Speaker Mariano need to start taking this threat to the economic wellbeing of our state seriously,” noted Craney.
“Massachusetts is treading down a dangerous path. We’ve taken our economic competitiveness for granted and we’ve already begun to feel the negative consequences of that. Hundreds of thousands have already left over the last year or two and they’ve taken their wealth with them. The April tax shortfall we saw happened for a reason. If we’re going to stop this trend before it becomes irreversible, state leaders need to take bold action. We should be seeing them propose major, broad-based tax cuts. Unfortunately, it doesn’t even look like House and Senate leaders can put aside their differences enough to pass the already modest tax reform bill they proposed earlier this year,” added Craney.