You might be able to save about $1,640 on your 2012 real estate taxes — read on for details.
You’d be surprised at how many homeowners I meet in Jamaica Plain and Roslindale who are not aware of the Residential Real Estate Tax Exemption available (since 1983!) to all citizens of Boston who occupy their primary residence. Unfortunately for some of my clients, they only find out when they’re getting ready to sell their home and I ask them to drag out their property tax bills, or if I notice that the public records available at the Assessor’s Office show that they have been paying the full tax amount since they purchased. This can happen when you’re buying a home that has NOT been the previous owner’s primary residence, or because of a simple loophole (imagine!) in record keeping by the City of Boston.
In any case, it’s a good idea to take a look at your 3rd quarter tax bill — the one you got in late December — second line down on the right. If the “residential exemption” line is blank, you’ve probably been paying taxes on your entire assessed value, and need to apply for the exemption pronto!
Application forms are available online, at the Assessing Department, Room 301, City Hall, or at the Taxpayer Referral & Assistance Center (TRAC), Room M5, City Hall. The TRAC is open Monday through Friday from 9am – 5pm. Or call them at (617) 635-4287.
If you were living in your current primary residence in Roslindale, Jamaica Plain or anywhere else in Boston on January 1, 2011, you have until March 30 to apply for your FY 2012 Residential Exemption. Take a look at the specifics and how the residential exemption is calculated on the City of Boston website.
Other ways to save hundreds of dollars in 2012?
1. Refinance if you can — 30-year fixed rates are now as low as 3.88%. Turn to Freddie Mac, and the trusted mortgage professionals listed on my site, for quotes and honest advice.
2. Have your auto and homeowner insurance policies reviewed by a new agency. If you’re like me, you’ve had your policies with the same neighborhood agency for ages. Sit down with your insurance person. Go over your policies one line at a time, and see where you can pare down or, in some cases, plump up your coverage to reflect your needs today, as compared to 2000 when you first started working with these folks. Any agent worth her or his salt will be glad to do this for you. If they’re not, talk with friends and relations and pay a visit to their agents. I revamped my policies last year and ended up saving about $500 overall and actually increased the quality of my coverage!
If you’d like to be put in touch with my local insurance agent, just send me an email. I would love to hear your cost-trimming plans for 2012 — feel free to send them along, and thanks!
Linda Burnett
Jamaica Plain/Roslindale Real Estate Maven
Keller-Williams Boston-Metro Real Estate
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