Boston is one of the hottest real estate markets in the country, with the value of Boston's taxable property exceeding $164 billion. If you own and occupy a property as your primary residence you may qualify for a residential tax exemption. A residential exemption reduces your tax bill by excluding a portion of the value of the property from taxation.
For the fiscal year that began in July, the city set the FY 2024 residential tax rate at $10.90 per thousand in assessed value. For current homeowners, assessments, tax rates, and residential exemptions appeared on your 3rd quarter tax bill. This year, the residential exemption can save qualified homeowners up to $3,610.53 in taxes on their primary residence. The primary residence is the address from which you file your state income tax return.
If you believe that you may qualify for a residential exemption, you must file an application with the assessing department by Monday, April 1. For more information on eligibility requirements, contact the Taxpayer Referral and Assistance Center or the City of Boston Assessing Department.
If you have questions about home ownership, don't hesitate to reach out to us. We're here to help.
Share: