Cambridge announces FY2011 property tax rate of $8.16/thousand
Monday, October 25, 2010 at 03:05PM When showing real estate to buyers from the other side of the river, I invariably hear some exclamation about how low the taxes seem and some question about whether there is a mistake on the listing sheet. There is not - we benefit in Cambridge from a comparatively low residential tax rate, kept that way by our robust commercial sector which foots about 65% of the total property tax bill for Cambridge.
Robert Healy, the Cambridge City Manager, recently announced that the residential property tax rate for FY11 will be $8.16 per thousand dollars of assessed value. This represents a $.44 increase from FY10, or 5.7%. At the same time, the total assessed value of taxable property in Cambridge has decreased a modest .47%. The combination of an increasing tax rate and decreasing assessed values means that actual increases to homeowners' tax bills are moderate. If you find yourself awake in the middle of the night and unable to get back to sleep, you can read the whole FY2011Property Tax Update at:
http://www.cambridgema.gov/CityOfCambridge-Content/documents/propertyupdate2010Final.pdf.
Additionally (and thankfully!), the City Council has once again approved a tax exemption for owner occupants of residential real estate in Cambridge. The residential exemption for FY11 is $1601.20. If you recently purchased your home and were residing there as of January 1, 2010, you are eligible for the exemption. You can download the application form from the City’s website at www.cambridgema.gov. The form is available under “Online Services, City Permits and Applications.” You do not need to reapply each year.
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