Every taxpayer in the city of Boston who owns residential property and occupies the property as his or her principal residence on January 1, 2007 may be eligible for the residential tax exemption for Fiscal Year 2008. For the purpose of this exemption, the principal residence is the address from which your Massachusetts income tax return is filed.
Since 1983, the city of Boston has elected to apply a residential exemption to residential property that serves as a principal residence of its owner. The value of the exemption is subtracted from the total full tax valuation. For fiscal year 2007, the residential exemption was 30% of the average value of all residential property in the City. The residential exemption value was $138,767 – equating to residential taxpayers who qualified saving $1,525.05 on their tax bill.
If you have not already, you should soon receive your Residential Exemption Application in the mail at your home address. Applicants are being asked to respond by October 1, 2007. For more information, to file an application in person, or if you have not received your application, please see the City of Boston’s website on residential tax exemption.
*Learn more about how Boston Property Taxes are calculated.
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