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Property Taxes Increase 7.6 Percent In Boston

The budget cuts in state aid and struggling economy has led the city of Boston to increase its residential and property tax rates by the maximum amount permitted under the law. Mayor Thomas M. Menino's office stated that the decline in Boston's revenue sources, particularly in receiving state aid, has brought the city no other alternative but to raise the city's property taxes.

The Boston Herald reported residential tax rates will rise up to 7.6 percent or $12.79 for every thousand dollars of valuation. This comes out to an increase of $224 each year for the average Boston-area homeowner. Business property taxes will also go up 5.6 percent or $31.04 per thousand in the city.

City officials stated that the average residential tax in Boston is almost 30 percent lower than 2009's statewide tax average of $4,390. However, the city's overall tax levy has soared to nearly $75 million within the last year. New construction and properties, such as Carney Hospital and previously nonprofit St. Elizabeth's Medical Center, accounted for almost $38 million of the tax increase.

Boston residential tax exemptions, such as those provided for veteran, disabled, or blind residents, may help significantly reduce the property bills of some individual homeowners. Property tax exemptions generally come in many forms and can range from full to partial tax relief.

A knowledgeable Boston real estate attorney can provide legal counsel to local homeowners about the effects of the increased residential and property taxes on their own home-related expenses. For general information on property taxes and possible tax exemptions, browse through the Related Resources links below.

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