City of Boston Residential Tax Exemption

City of Boston Residential Tax Exemption — Did you know???

Since 1983, the city of Boston had elected to apply a residential tax exemption to residential property that serves as a principal residence of its owner. There are some qualifications that homeowners must meet.

As it stands, taxpayers who own and occupy their home can save on their tax bill by having a portion of their tax bill exempted from taxation. In order to qualify for this residential exemption, homeowners must own and occupy their residence on January 1 of the tax year. Defined, owning and occupying a residence means this is your principle residence from which your Massachusetts income tax return is filed. To verify eligibility, your Social Security Number is required for identification purposes.

The value of the exemption is subtracted from the total full valuation. The fiscal year residential exemption is 30% of the average value of ALL residential property in the City of Boston.

The Fiscal Year 2009 residential exemption saved qualified homeowners $1,375 on their tax bill.

The Fiscal year 2010 residential exemption will be applied on the FY 2010 third Quarter tax bill to be issued January 1, 2010. An individual owner may qualify for a residential exemption on ONE parcel only. The filing deadline for the 2010 exemption is March 31, 2010.

Learn more about the City of Boston Residential Tax Exemption on the City of Boston website here

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