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J <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30 , 1980 <br /> taking of the property and the personal <br /> • liability is not ordinarily utilized for <br /> collection purposes . Massachusetts law <br /> permits a municipality to either sell by <br /> public sale or take real property for <br /> nonpayment of taxes thereon. In either <br /> ` case, the property owner can redeem the <br /> property by paying the unpaid taxes, with <br /> interest and other charges. The redemption <br /> must be exercised within six months; if <br /> not, it can be foreclosed by petition to <br /> land court. <br /> • <br /> d) Motor Vehicle Excise - In addition to <br /> the tax on real and personal property, <br /> the Town collects an annual excise at <br /> a uniform statewide rate of $66 per <br /> • $1,000 on the valuation of motor vehicles <br />_ as determined by-a statutory formula. . _ <br /> Motor vehicle excises are not taken <br /> into account until collected. <br /> • e) Tax Possession - Upon foreclosure, a tax <br /> title purchased or taken by the municipality <br /> becomes a "tax possession" and may be held <br /> and disposed of like any land held for <br /> municipal purposes. <br /> • <br /> f) Overlay - The Town is authorized by law <br /> to increase each tax levy by up to five <br /> percent for a reserve against tax abatements. <br /> If abatements are granted in excess of the <br /> • applicable overlay reserve, the excess is <br /> added to the next tax levy. <br /> (2) Special Revenue Funds <br /> • The Special Revenue Fund is used to account <br /> for revenues derived from other significant <br /> sources . The Town of Mashpee ' s Special Revenue <br /> Fund is comprised of the following: <br /> • - 20 - <br /> CHARLES E.DIPESA&CO.,BOSTON,MASS.(617)423-3555 <br />