We already know that living in Cambridge has many perks…too many to list here. But did you know that Cambridge has the 8th lowest tax rate in Massachusetts? On top of the low tax rate the city also offers a residential exemption:
If you own a Cambridge home and occupy it as your principal place of residence on January 1, you may apply for an exemption of $432,666 dollars from the home’s assessed value, which reduces your property tax bill by $2,607 dollars a year. The application for the Residential Exemption must be filed no later than April 1st of the fiscal year. If you recently purchased a Cambridge property and inherited a Residential Exemption from the previous owner, you must qualify as the new owner in order to continue to receive the exemption in the next fiscal year.
There is no charge for filing for the Homeowner Exemption. New property owners will automatically receive an exemption application in the mail, you can also find it on the city of Cambridge website
Here are the Cambridge, Mass. tax rates for 2021:
(cost per $1,000 assessed value)
Personal Property $11.85
The City of Cambridge FY2021 real estate and personal property tax bills will be mailed on October 23, 2020. The first half portion is due and payable on November 23, 2020. The second half portion will be issued on April 1, 2020, and due on May 3, 2021.