Property Taxes

From Reservoir Lofts Condominium Community

For the time being, as per the City of Cambridge website, we will be assessed taxes based on the complex as a whole. At some point in the future, it will be divided up into the individual units.

For this reason, some residents feel it would be advantageous to opt out of mortgage company escrow'd taxes, as the withheld amounts, being based on the individual unit, may be higher than the assessed value of the property as a whole - resulting in additional funds being in escrow until the expiration of the mortgage.

For Fiscal Year 2008, Cambridge residents who occupy their property as their primary residence are afforded a property tax exemption for the first $202,151 in assessed value of their property.