Boston is one of the hottest real estate markets in the country, with the value of Boston's taxable property exceeding $164 billion this year
. 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.
In December the city set the FY 2020 residential tax rate at $10.56 per thousand in assessed value. For current homeowners, 2020 assessments, tax rates and residential exemptions appeared on your 3rd quarter tax bill. Qualified homeowners can save up to $2,879.79 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 April 1. For more information on eligibility requirements, contact the Taxpayer Referral and Assistance Center (TRAC
) or the City of Boston Assessing Department.
If you have questions about home ownership, don't hestate to reach out to us. We would be happy to help you achieve your real estate goals!