Do you own property in the city of Boston? Do you plan to make a purchase in the near future? In either case you should know that the city offers an exemption from paying a portion of your property tax bill every year. This residential tax exemption is for those individuals who and own and live in their homes (no exemption given to landlords). Per CityOfBoston.gov – “Taxpayers who own and occupy their home can save on their tax bill by having a portion of their tax bill exempted from taxation. To qualify for the residential exemption, homeowners must own and occupy their home on January 1 preceding the start of the fiscal year.”
In 2015 the residential tax exemption amount is $1,852. That’s a tax break of over $150 per month.
How is the exemption calculated each year? The fiscal year residential exemption is 30% of the average value of all residential property in the City. This number is recalculated by the city each year to determine the current exemption.
- How can you apply? To verify eligibility, your Social Security Number is required for identification purposes. The information will be kept confidential and be used solely to confirm a personal income tax filing from your address with the Commonwealth of MA Department of Revenue. You can find more information and download an application by visiting http://www.cityofboston.gov/assessing/exemptions/resexempt.asp
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