Living in Cambridge has its perks. One of my favorite is the residential tax exemption granted to homeowners who are occupying their home as a primary residence. You must live in the home as of January 1, 2009 to be eligible and you only have to apply one time.
This year the residential tax exemption will save homeowners a whopping $1,531.83 in property tax. The exemption reduces the assessed value of the property by $198,423.
Be sure to submit your application for the residential tax exemption within 90 days of the 1st half bill issued in April. The application can be downloaded from the City’s web site www.cambridgema.gov under the ‘Online Services, City Permits and Applications’ section.
Keep in mind you need to be living in the home on January 1, 2009 in order to be eligible for the 2010 Full Year Allowable Exemption. So, if you purchased last year and inherited the exemption from the previous owner, you will see your tax bill increase until you establish your primary residency the following year.
That’s why it is important to apply now while it is top of mind. All too often I meet homeowners who forgot to apply and lost thousands of dollars. Don’t let this happen to you. Either call the Cambridge Assessor at (617) 349-4343 or go online and apply now for 2011.Tulips
907 Massachusetts Avenue
