The city of Boston will catch up with Boston condo owners who don’t pay their property taxes, and missing payments can cost you your property. However, most Boston condo owners that have an existing mortgage your tax obligation are calculated with your monthly mortgage payment
The bottom line is that the city considers homeowners to be responsible for paying their property taxes, whether a homeowner physically received the tax bill or thought it was included in their mortgage payment. Did you buy a new Boston condo and didn’t receive the tax bill? You should check your tax bill online and see if your bank paid it or was it included in your closing HUD .Statement.
I thought I would also let you on some other things to leep in mind for future Boston condo owners out there, because property taxes are something many don’t think a lot about.
Here are three points you should keep in mind regarding Boston property taxes:
1. Property taxes are based on a percentage of your home’s value. Boston updates the value of your property every 3 years. However, this may change in 2018. You may want to consult with your tax accountant.
2. Don’t miss out on the homeowners’ exemption. If you own and occupy a condo on January 1, 2018 as your principal place of residence, you’re eligible to receive a reduction on the dwelling’s taxable value in the form of a Homeowners’ Exemption. You have to contact the Assessor’s office and file a claim. Once you receive the exemption, you don’t have to file the claim each year as long as you own and occupy your residence.).
3. Make sure you factor in property taxes when you calculate your overall monthly payments. Along with the estimated mortgage payment and insurance, you should break down your total property tax amount on a monthly basis so you can get an accurate idea of your true carrying costs.