Home Buying in 02445>Question Details

Bluecollarhe…, Home Buyer in 02445

Multi-Family Homes - Property Tax Rate

Asked by Bluecollarhero, 02445 Mon Dec 5, 2011

I am starting my research in hopes of eventually buying a 2 or 3 units multi-family home where I would live in one of the units. I am looking at places in Boston/Sommerville/Brookline and surrounding areas. Would I be assessed a personal or commerical real estate property tax rate?

Help the community by answering this question:

Answers

5
To find the local tax rate, go to the town web page, or ask your real estate professional to get it for you.
0 votes Thank Flag Link Mon Dec 5, 2011
These are great answers. There are many factors when considering multi family homes like rents, return on capital, commute, parking spaces etc. For the rental side there is also depreciation which helps with taxes. I know and serve greater boston, and middlesex county. Please let me know a rough budget and I'll help narrow down the cities. Thanks Kenzo 617 233 9651
0 votes Thank Flag Link Mon Dec 5, 2011
The tax rate is determined by the property zonning and its use. The property can be zoned and used as a residential, commercial or a multi-use. If it is zoned/used as residential then the only rates you'll be taxed are residential. If you reside there, you'll have a tax exemption your residential rate would be a bit less than if you are to reside elsewhere and rent this out.

Usually, when when the property is listed for sale the tax information is also listed there. If you have more questions or need assistance feel free to find me via my website boc-re.com. Good luck and happy house hunting!
Web Reference: http://www.boc-re.com
0 votes Thank Flag Link Mon Dec 5, 2011
Dear Hero -
A residential property is generally assessed at the residential rate. In addition, Boston, Cambridge and Somerville have a residential exemption of more or less $1,500 and if you lived in the property you would receive that exemption. My office is in Cambridge and I live in Somerville --I have lived in both cities for the past 30 years and have extensive knowledge of them so if you are looking for an agent with excellent client testimonials give me a ring.

Ellen G. Friedman, Keller Williams Realty, ellengfriedman@comcast.net, 617-448-1542
http://www.ellenfriedman.biz
http://www.justlistedincambridgema.com
0 votes Thank Flag Link Mon Dec 5, 2011
That has nothing to do with renting out the place. If it is zones as a residential building, you will be assessed a residential rate. You may qualify for a residential exemption if you're living on the property. Out of the towns you mentioned, Boston and Sommerville have lower tax rates than Brookline. I would also add Cambridge to the list.
Feel free to contact me, I would love to help you with your search.
Masha@preservationproperties.com
0 votes Thank Flag Link Mon Dec 5, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer