3 ms·
We have that in Cambridge MA. Buts its the other way around, your assessed property value is lowered for tax purposes if you live there. Honestly in my buildin
by acomjean 11y ago
We have that in Cambridge MA. Buts its the other way around, your assessed property value is lowered for tax purposes if you live there.
Honestly in my building near harvard square this hasn't seemed to prevent those from moving out from renting (rents have gone a little nuts here too). Its a decent idea, as it incentives people to sell when they move. We have had some people cashing out, because values are high.
"The City of Cambridge offers a residential exemption to property that serves as a property owner’s principal residence. To be eligible for FY17, the owner must own and occupy their property as their principal residence on January 1, 2016 shown on 2015 Massachusetts Income Tax."
https://www.cambridgema.gov/assess https://www.cambridgema.gov/assess