Laserfiche WebLink
4 � <br /> ��21 <br /> DRAFT: <br /> B, Reasonableness_of Provision for Property Tax Abatements and Exemptions <br /> Provisions for property tax abatements and exemptions (formerly called r <br /> (overlays) are established for each annual tax levy as prescribed by statute. The <br /> =primary intent is to provide for potential refunds or allowances during the year <br /> in which the tax would otherwise be due and collected. Massachusetts General <br /> "'Laws, Chapter 712, Section 2 of the Acts of 1987 requires the Board of Assessors <br /> .-,--Oto determine the amount of overlay which can be transferred to the reserve <br /> account within ten days after being requested to make such determination" by the 4 <br /> ';;Board of Selectmen. <br /> As of June 30, 1988, the amount of provisions for property tax abatements and <br /> ;:'>:exemptions exceeded the total taxes receivable by 9727, 337 as shown below. <br /> DRAFT <br /> i '. Real Personal Total Total Provisions Amount in Excess <br /> Year Estate Property Tax Owed for Abatements of Taxes Owed '' <br /> 1986 $2,746 $ 6,094 5 8,840 $379, 466 $370,626 <br /> 1987 3,631 8,252 11,883 368,594 356,711 <br /> $6,377 '914,346 $20, 723 $748,060 $727,337 <br /> r <br /> The above schedule does not take into consideration the effect, if any, of the <br /> � 4 <br /> ~ pending appellate tax cases as of June 30, 1988. <br /> The .effect of the excess in provision for abatements and exemptions is <br /> wofold: one, it understates the balance in both the reserve and deferred <br /> roperty tax revenue accounts and; two, it understates the balance in the <br /> II� <br /> •jl�f <br /> ndesignated fund balance account at year-end when the balance in the reserve fund it <br /> s tra-neferred to surplus revenue. <br /> DRAFT <br /> 4' <br /> V 4 <br />