Steven Cohen reminds homeowners about the benefits of residential tax exemption.
If you own residential property in Boston, and you live in it, you really have to make sure you have your residential exemption filed with the city. Most people do but, surprisingly, we've come across homeowners who have not taken advantage of the benefit.
That benefit is worth $1,764 this year, which is up by $39.37 over last year. With the average tax bills in the state running at $4,846, Boston's tax bills on average are 29% less. But with a luxury property, you can be looking at some serious change and every penny can help.
You do need to file your exemption by April 1 and you need to have owner-occupied your property by January 1 of the year during which the fiscal year begins, which your residential exemption will apply, and that fiscal year does begin on October 1.
You can apply for that exemption by going to City Hall. You can also take care of it online. Or you can check the schedule for the Boston City Hall To Go truck, and that will be visiting your neighborhood based on a schedule you can also obtain online.
Residential exemption is very worth obtaining. It is also very worth knowing what the parameters are for making sure you qualify.