Yesterday, I received a letter from the City Boston’s Department of Assessing.  It was thin and non-descript.  I expected the worst as I had gotten many a thin non-descript letter the spring of my senior year in high school.  Still, I eagerly tore open the letter, and was very pleasantly surprised. The city approved my abatement request on my condo.  I was able to lower my property taxes $158 via the 14,000 abatement.  However, net my property taxes are still going up by much more given that they increased my assessment by more than that and I’m no longer eligible for Boston’s residential exemption. I moved out of the condo last September, and notified the city therefore making myself ineligible for the residential exemption that Boston gives home owners who live in their home. Still the abatement helps a little with the profitability (or lack there of) of my one rental property in my real estate portfolio (which is a portfolio of one).  A lower assessment is gift that keeps on giving every year.

I had also applied for the abatement last year and was denied.  This year I was much more thorough. I researched recent sales; obtained photos of comparable condos, and argued my case in much greater detail. I guess it worked and as a result have some reprieve from my total tax bill that would’ve been almost $4000. I have a hard time believing that I pay close to $800 in taxes and condo fees before even factoring the mortgage.   Thanks goes to all my roommates who helped with the burden while I was living in the condo.  It’s easy to gloss over the cost of taxes, condo fees, and maintenance when you first buy a place, but after couple years of paying those costs, they become hard to forget. Renting my current apartment right now seems so pain free. Jack Hough over at Smartmoney makes a strong case for renting which is hard to ignore when bills associated with owning are due.

p.s. If you get a chance, check out my guest column over at LayManAndMoney.