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What are the property tax rates and exemptions for homeowners in Boston?

5 months ago

Homeowners in Boston are subject to property taxes based on the assessed value of their properties. The property tax rates in Boston vary depending on the type of property and its use.

For residential properties, the current property tax rate in Boston is $10.56 per $1,000 of assessed value. This means that if your home is assessed at $500,000, you would owe $5,280 in property taxes for the year.

It's important to note that there are certain exemptions available for homeowners in Boston that can help reduce their property tax burden. One such exemption is the Residential Exemption, which provides a tax break to homeowners who use their property as their primary residence.

The Residential Exemption allows eligible homeowners to exempt a portion of their property's assessed value from taxation. For the fiscal year 2021, the Residential Exemption in Boston is set at $183,437. This means that if your property is assessed at $500,000 and you qualify for the Residential Exemption, you would only be taxed on $316,563 of the assessed value.

To qualify for the Residential Exemption, homeowners must meet certain criteria, including owning and occupying the property as their principal residence as of January 1st of the tax year. Additional documentation may be required to prove eligibility.

For more detailed information on property tax rates and exemptions in Boston, you can visit the City of Boston Assessing Department's website.

It's always recommended to consult with a tax professional or the Boston Assessing Department directly for the most up-to-date and accurate information regarding property tax rates and exemptions.

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