12/17/09
The state Department of Revenue has approved
the fiscal year 2010 tax rate, as requested by the Board of Assessors.
Upon the recommendation of the assessors, the Board of Selectmen adopted a minimum residential factor, which splits the tax rate. The Department of Revenue has approved a residential rate of $13.35 per $1,000 valuation and a commercial, industrial and personal property rate of $20.44. Last year’s rates were $11.74 and $17.95, respectively.
Every year the assessors must analyze all real-estate sales and make adjustments to bring the median assessment ratio to between 90 and 110 percent of market value. The 2010 assessments are currently at 93 percent based on sales occurring in 2008.
The rates are based on a net levy of $60,119,479, an increase of $6,303,735 over the previous year. The increase to the levy includes a 2.5 percent increase of $1,294,729, new construction growth of $442,849, a voter-approved override of $3,420,189 and prior voter-approved debt exclusions of $3,178,947.
The total amount to be raised is $86,785,708, for appropriations such as Town Meeting, state charges, snow-and-ice deficit and more. Revenues, including state revenues, local receipts, other income and free cash are then deducted to determine the net levy, the actual amount to be raised by taxes.
The average assessed value of a single-family property is $519,034, reflecting a tax bill of $6,929, an increase of $713 from fiscal year 2009.
Taxpayers may file for abatement of the assessed value of their property. Requests for abatement must be received in the assessors’ office on or before the tax payment due date of Feb. 1. Applicants must provide information that shows that the assessors based their calculations on incorrect information, the home is assessed at a higher value than the market value of the home at the time the assessment was made, or the property has been assessed at a higher rate than other similar properties. The assessors have 90 days to act on the application unless a request for an extension is provided.
In preparation for the mailing of the 2010 tax bills, applications for statutory exemptions have been mailed to all taxpayers who received them last year. Exemption applications for elderly, disabled veterans, widows and other categories must be received by the assessing office within three months of the mailing of the next tax bill, which is expected the last week of December. Taxpayers who have received an exemption must deduct one half of the exemption from the tax due Feb. 1 and one half from the payment due May 1. It is important to note that taxpayers will receive only one mailing for the third and fourth quarter payments. Exemptions will not be shown on either bill.
Taxpayers who may qualify for exemptions are: surviving spouses or minors of a deceased parent or certain elderly persons, veterans with war services connected disability of not less than 10 percent or surviving spouse, persons who are blind or persons who are 70 or older.
Specific requirements in each category of eligibility – which may include duration of residency and home ownership, asset and income ceilings – are detailed on application forms available at the assessors’ office.
A tax deferral program is available for all taxpayers 65 or older whose gross income does not exceed $40,000. All or a portion of the tax obligation may be deferred in each year. The deferred amount becomes a lien, which must eventually be repaid. Utilizing this program, elderly homeowners may defer property taxes annually until the taxes due equal 50 percent of the then assessed value of the property, including the interest (8 percent).
A personal hardship exemption provides assistance to taxpayers that in the judgment of the Board of Assessors are unable to fulfill their tax obligations because of age, infirmity and financial condition. Supporting medical and financial documentation is required.
For more information, call (617) 898-4863.