The mayor and the Boston City Council chose to increase the residential exemption from 30% to 35% of the average of all residential parcels back in 2017. This amounted to a tax reduction of $2,433 for everyone who had a personal residential exemption on file. This means that many homeowners saw their property tax bill go lower... provided the assessed value of their properties hadn't skyrocketed!
The current tax rate for 2018 is $.01048 by which you multiply your assessed value. Therefore, if your property is assessed at $500,000 and you did not apply for your exemption prior to 2018, your property tax bill will be $500,000 x .01048 = $5240. With that same residential exemption in place, that tax bill drops $2,433. In this example, the tax bill then becomes $2,757.
However, the residential exemption in 2018 has increased further to $2,538 and the .01048 tax rate is 11 cents less than 2017. These two factors provide yet another nice tax break to Boston property owners! I reckon this has saved Bostonians over $50 a month. Not bad!
You can look up the current and assessed value of any property in Boston at http://www.cityofboston.gov/assessing/search/ and use this to determine the taxes on your current or future residence.