Nevertheless, the residential exemption is a benchmark of sorts. According to city records, the total assessed value of the 442 Millennium Tower condo units is $1.04 billion the average assessment per unit is nearly $2.4 million. “The residential exemption is an imperfect benchmark, especially on a property like this,” Rakow said. Rakow said other owners have placed their units in blind trusts and limited liability companies that often preclude applying for an exemption. Grayken’s property tax bill is nearly $357,000, while Dell’s is nearly $108,000. Some of the residents probably couldn’t be bothered applying for a $2,538 exemption. Ron Rakow, the city’s assessor, said the residential exemption, particularly at an ultra-luxury building such as Millennium Tower, is not a reliable indicator of whether someone is living full-time at their residence. (Units purchased in 2017 will become eligible for the exemption in 2019.)
At Millennium Tower, 403 of the 442 units were purchased prior to 2017, but only 93, or 23 percent, of the owners took advantage of the exemption. Under Boston tax rules, people who own and occupy their property as their principal residence as of January 1, 2017, are entitled to a residential exemption of $2,538 on their property taxes in fiscal 2018. Details on residential exemptions, assessments, and tax bills did not become available until the end of 2017. But the list of part-time owners extends well beyond the business elite, and includes hundreds of people from all over the world and the United States who believe a unit in a luxury tower in Downtown Crossing is a good investment.ĬommonWealth conducted an in-depth analysis of Millennium Tower early last year to see who was moving in and what impact the ultra-luxury building was having on Downtown Crossing and Boston as a whole.
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