PROVINCETOWN – The Provincetown Select Board recently announced the increase of its Residential Tax Exemption from 25 to 35 percent in a move to incentivize year-round residency.
Created to tackle challenges faced by year-round residents, the Residential Exemption Program seeks to create a more equitable distribution of property tax responsibilities by transferring a portion of the tax burden from year-round residents to residential properties that are not occupied year-round by their owners.
Property qualification is determined by the residency status of the taxpayer, providing relief for domiciled residents.
Non-domiciled taxpayers who rent their properties to qualified year-round renters are also eligible, encouraging year-round residency among both renters and property owners.
The exemption will reduce the assessed value of eligible properties, reducing the tax burden for taxpayers who qualify for the exemption.
Provincetown is the first town in Cape Cod to implement a 35% Residential Exemption, the largest permitted by state law.
To apply for the Residential Tax Exemption, click here.
By, Matthew Tomlinson, CapeCod.com NewsCenter
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