12/2/2002 BOARD OF ASSESSORS Minutes

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ff ► • . Revision The adjusted eliorlbility factor or exemption amount established in this manner will apply unless a new vote is taken establishing a different factor or amount. B. ALLOWABLE ADJUSTMENTS I The community may reale any or all of the adjustments explained in this section. I. Minimum Age The eligibility age may be reduced from 70 t rs . If this adjustment is voted, a applicant who has reached the age of 65 as of the applicable July 1 qualification slate would be eligible for a Clause 41C exemption. . Exemption Amount The amount of the exemption granted to eligible applicants mai be increased by any percentage up to 100%. For example, if the commurdty votes to increase the exemption amount by 100%, eligible applicants would receive an exemption of $1,000 or $8,000 in valuation if greater), instead of the current $500 or $4,000 in valuation if greater . In communities that also vote to grant an optional additional exemption under Chapter 73, Section 4, of the Acts of 1986 for a particular fiscal year, the additional amount is based on the adjusted exemption amount. For example, if the community votes to increase the exemption amount b % to $750, any optional additional exemption percentage would be applied to $750, rather than$500. . Gross Receipts Limit The'gross receipts limit that applies to the applicant may be increased to anv amount up to $20,000 if single and $30,000 if married. The current Breit is $13,000 if the applicant is single and $15,000 if married. co-owner who i not the applicant's spouse may f exceed the current gross receipts limit of $13,000 if single and $15,000 if married. No adjustments may be made in those amounts. + In comrr unikies that also accept G.L. Ch. §5(41D), which provides for an annual cost of luring adjustment (COLA) in the Clause 41C gross receipts limits, the COLA is applied to the adjusted limits for applicants and the current limits for co-overs.