Residential Tax Exemption
If you own a Beacon Hill luxury condo or any type of residential real estate in Boston, the city offers a residential tax exemption as long as you occupy the property as your principal residence. The exemption gives Boston homeowners a discount on their annual tax bill, essentially cutting the annual tax rate on a $500,000 Back Bay condo in half.
For Fiscal Year 2020 you have until April 1, 2020, to file an application. You will need to show us any documents that support your application, including birth and death certificates.
If you qualify for more than one exemption, we’ll make sure you get the exemption that saves you the most money. Please keep in mind, if you file a personal exemption application, that does not mean you can postpone paying your taxes.
To qualify for any exemption, you need to show that you have an ownership interest in the property.
2020 buyers can expect to see a greater inventory of Boston condos for sale, and because they will have significantly less competition than previous years, they’ll have more negotiating leverage on the purchase price. So if you’ve been holding off on purchasing Midtown high rise condo, late 2019 or 2020 is your chance to take advantage of economic factors and changes in the market that will make Boston condominiums more affordable than they’ve been in years. especailly with these historic low interest rates
For more information about downtown Boston real estate, or to talk to an agent about what to expect from the home buying process and the late 2019 or 2020 Boston real estate market, just contact us.