12/2/2002 BOARD OF ASSESSORS Minutes

Home Browse Search

' rTA 'own of Mashpee/Mashpee Water District Classification hearing December 2002 Each year at this classification hearing, the Board of Selectmen and District Commissioners are asked to male four choices relating to the manner in which the Town is taxed. The four choices are as follows: i. Split Tax Rate: The Selectmen and District Commissioners may choose to tax commercial, industrial, and personal property (C.I.P.) at a rate up t ° greater than the unadjusted tax rate. The increase to C.I.P. properties results in a decrease t residential properties. In the case of Ma hpee for fiscal year 2003, a full ° increase to C.I.P. reduces the residential rate by about 5 ' %. On a $200,000 residential property this option would save the taxpayer $100 while it increases the takes on $200,000 CIP property by $950. 2. Small BusinessExemption: In order to buffer the impact of a spit tax rate on small businesses there is a provision that allows the Selectmen and Commissioners to offer a tax exemption properties housing businesses with 10 or fewer employees. Approximately half of the businesses in M shpee currently qualify for this exemption. The exemption is a moot point if the tax rate is not split. . Open Space Discount: The Selectmen and Commissioners may offer a discount of up to 75% to land identified by the Board of Assessors as Open Space. The Board of Assessors only classifies property as Open Space when it has legally enforceable deed restrictions. Open Space properties in ilashpee are currently assessed at a rate that reflects their marginal marketability making the open space discount unnecessary. . Residential Exemption.- The Board of Selectmen and Commissioners may elect t offer a tax exemption of up to 20 f the average residential property value to all . domiciles. The exemption is funded by an increased residential tax rate which results in lower takes for most owner occupied homes and higher taxes on vacant land, nn-- qualifying residential dwellings, and qualifying properties with a value greater than approximately. This year the break point where even full time residents would pay more in taxes on their home is $52.5,000. All vacant land would be subject to a higher tart.