When does the fiscal year begin and when are the taxes due?

Massachusetts law provides for a uniform assessment date, the fiscal year commences on July 1st and ends on the following June 30th. Property taxes are assessed for the fiscal year (July 1 - June 30) based on the value of the property as of the previous January 1st. For example, property taxes for Fiscal Year 2022 (July 1, 2021 to June 30, 2022) are based on the value of properties as of January 1, 2021.

• The City of Salem generates (4) quarterly tax bills which are issued by the City Tax Collector:
  • 1st quarter (preliminary tax bill which is calculated based on the total taxes due in the previous year using that year's tax rate) covers July - September and is due in August
  • 2nd quarter (preliminary tax bill which is calculated based on the total taxes due in the previous year using that year's tax rate) covers October - December and is due in November
  • 3rd quarter (actual tax bill which is calculated on the new tax rate set by the City Council and new assessment that comes out in January and makes up the difference after the 1st & 2nd quarters) covers January - March due in February
  • 4th quarter (actual tax bill which is calculated on the new tax rate set by the City Council and new assessment that comes out in January and makes up the difference after the 1st & 2nd quarters) covers April - June and is due in May