Property Tax Rate Announced For Fiscal 2011
The City of Boston
today announced the property tax rates for Fiscal 2011. The Fiscal
2011 tax rate for residential property is $12.79 per thousand
dollars of valuation. The rate for business properties is $31.04
per thousand. Last fiscal year’s rates for residential and business
properties were $11.88 and $29.38, respectively. The City’s total
assessed value for Fiscal 2011 is $86.8 billion, a slight decrease
of .5% from last year.
Due to the current
economic climate, reductions in the City’s other revenue sources -
most notably state aid – left the City with little choice but to
increase the property tax levy by the maximum allowed under
Proposition 2 ½. The total tax levy is $1.54 billion, an increase
of $75 million over last year. $38 million of this growth is the
result of new construction and properties being added to the tax
base. The remaining $37 million is the full 2.5% increase allowed
under Proposition 2 ½.
Residential taxes
in Boston remain extremely competitive. The average residential tax
bill in Boston of $3,155
is nearly 30% below last year’s
statewide average of $4,390. The City has a number of programs for
eligible property tax owners to lower their tax bills, including,
the residential exemption. This exemption is available to taxpayers
who own and occupy their home. The residential exemption will save
qualifying taxpayers $1,594.85 off their tax bills during Fiscal
2011.
In addition to the
residential exemption, Mayor Menino has initiated other measures
during his tenure to ease the property tax burden. They include
increasing the property tax exemption for elderly taxpayers with
limited incomes by $250 to $750 and lowering the age requirement for
this exemption from 70 to 65.
Additionally, the
City of Boston offers exemptions for qualified homeowners who are
blind, surviving spouses, or veterans, (with a wartime
service-related disability.) The City also offers a tax deferral
for those elderly homeowners whose current expenses make the
continued ownership of their home difficult. To qualify for Fiscal
2011, taxpayers must be age 65 or older and have an income of less
than $51,000 per year. The amount of the deferred taxes, plus
interest accruing at a rate of 4% per year, must be repaid when the
property is sold or upon the death of the owner.
The 3rd
quarter tax bills containing assessments and new tax rates will be
mailed at the end of December. Payments for the 3rd
quarter bill are due February 1.
Taxpayers with questions about
bills may:
- Visit the Assessing
Department at Boston City Hall, Room 301,
- Call the Taxpayer Referral
and Assistance Center at (617) 635-4287, or,
- Look online for
information about a particular property:
www.cityofboston.gov/assessing
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