Real Estate – Navigating Boston Property Taxes
Real Estate – Trusted Techs
Trusted Techs:
If you own a home, then you know issues with inevitably arise. This is an unavoidable consequence that comes with the territory of a “physical asset”. If you are unprepared, or do not have the right resources/vendors when an issue arises, it will compound the problem.
For example, losing heat in the winter = NOT FUN. But, losing heat in the winter + nobody will answer your call for help = EVEN LESS FUN. Having a trusted plumber can eliminate tremendous stress and headache during times like these. Not only will this plumber answer your call and complete the job in a timely manner, they will (usually) not overcharge you. I write “usually” this way because the cost of trade-work is at an all time high… so these days even the current market price can feel like you are being taken advantage of. One thing I will always suggest –> negotiate, negotiate, negotiate. Often times a vendor will reduce price if you ask the right way (hint: nicely!).
On the Real Estate side, this type of trusted network is something I provide to all my clients whether you bought/sold last week or 10 years ago. Having vetted dozens of vendors in each trade through my 20+ years in real estate, I have intimate knowledge of who is reliable. When a situation arises for a client, my first step is to always ask questions to understand the issue. Then, if any basic troubleshooting can be applied I make suggestions. If this does not work or it is not a potentially “simple fix”, then I provide my vendor contact. I also notify the vendor with name of the client reaching out and outline of issue. This helps them be prepared and ready to respond. *Note: I never accept kick-backs from any vendors I recommend. All I ask is they do a good job and charge fair market.*
Long and Short: whether it be a plumber, electrician, handyman, roofer, painter, flooring; etc – having a rolodex of people you can rely on will be a tremendous relief when in a pinch.
Real Estate – Navigating Boston Property Taxes
Navigating Boston’s real estate taxes can be complex, but it’s essential for property owners and investors in the city. Understanding property assessments, tax rates, and available exemptions and abatements is crucial for managing your tax liability. If you have questions or concerns about your property tax bill, it’s advisable to seek guidance from the City of Boston’s Assessing Department, your Realtor, or a qualified tax professional. Staying informed about Boston’s real estate tax policies can help you make informed decisions, and ensure compliance with the city’s tax regulations.
Tax Exemptions and Abatements
The City of Boston offers various exemptions and abatements to help alleviate the burden of property taxes for certain individuals. Here are a few common examples:
- Residential Exemption: This exemption is designed to provide relief to Boston residents who use their property as their primary residence. It reduces the taxable value of a property, effectively lowering the property tax bill for eligible homeowners. This amount is approximately $3,500 off your yearly Real Estate Taxes.
- Senior Citizen Exemption: Boston offers tax relief to eligible senior citizens. To qualify, the homeowner must meet specific age and income requirements.
- Veterans Exemption: Veterans who own property in Boston may be eligible for a property tax exemption. The amount of the exemption depends on various factors, including the veteran’s service-connected disability.
- Community Preservation Act (CPA) Exemption: Boston adopted the Community Preservation Act, which imposes a surcharge on property taxes to fund affordable housing, historic preservation, and open space. However, certain low-income homeowners may be eligible for an exemption from this surcharge.
Tax Rate:
The tax rate is set by the city government and is expressed in dollars per thousand dollars of assessed value. This rate is then applied to the assessed value to determine the annual property tax bill. It’s important to note that different areas within Boston may have varying tax rates. The current tax rate for fiscal year 2023 in Suffolk County is $10.74.