I've practiced as a Broker and Residential Real Estate Appraiser in the Boston & NorthShore market area for way over 25 years. By doing so I've learned lots and lots of the great benefits each of the City's and Towns in the metro Boston area offer that some of their residents may not even know of, like the owners of a lovely home in Dorchester that I appraised for a refinance mortgage.
The home has dramatic rooftop views to the South out over the community and out over Quincy Bay. The owners purchased this place a few years ago when both their income and the mortgage interest rates were higher. With great pride the owner showed the property to me and informed me how tight their budget was and how the mortgage and real estate taxes were strapping them now. He said the lower interest rate on the new mortgage would help their financial situation but they still need to find ways to save more money.
Upon hearing his lament over the cost of his home I asked if he was taking advantage of the City of Boston's Real Estate Tax Residential Exemption, to which he looked at me in a puzzled way and asked "what is that?"
Every year since 1983 the City of Boston has provided a residential real estate tax exemption to residential properties that are used as the principal residence of the owner. In many cases new owners need to apply for this exemption, which he didn't know about to do. In 2010 owners who qualified received a credit of $1,486.07 off the total real estate tax bill.
It sounds and looks like the owner whose home I appraised will qualify. He was ecstatic when I told him about how much he could be saving. I'm sure I have a new friend for life and it really made me feel like I had just won the Jack Pot by helping someone out with a little bit of my knowledge about his community.
John R. Crosby, Realtor
Real Property, Inc.
19 Linden St., Marblehead, MA 01945
781-479-4177 phone & fax
John@MoveWithCrosby.com
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