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F <br /> R- <br /> C , I <br /> ICA, <br /> HEARIN 3, PRI <br /> } j <br /> LASS <br /> • SPLIT TAX RATE <br /> OPEN SPACE DISCOUN' T <br /> COMMERCIAL RESIDENTIAL EXEMPTION <br /> 0 SMALL <br /> Classification of Property <br /> Assessors must classify all real property according to its use as of each January I" <br /> into one of four classes: Residential, Open Space, Commercial or Industrial. <br /> Tax Levy Allocation <br /> Municipalities decide annually within limits established by statute and the <br /> Department of Revenue (DOR) the percentage of the tax levy that will be paid by <br /> each class of real property owners and personal property owners. The decision is <br /> made after a public hearing. <br /> THE CLASSIFICATION HEARING <br /> Annual Hearing <br /> Before the tax rate can be set, the selectmen must hold a public hearing each year to <br /> consider the tax rate options available to the municipality under property tax <br /> classification. The hearing is held after the assessors have determined final values and <br /> classified all properties and reported this information to the DOR. These values set the <br /> parameters for the options that the municipality may adopt. <br /> Hearing Notice <br /> Notice of the hearing must comply with the Open Meeting Law and any local charter, <br /> by-law or ordinance provisions. In addition, taxpayers must be notified of the hearing <br /> by a comprehensive public information release in a newspaper of general circulation <br /> in the community. <br /> Role of the Selectmen <br /> The selectmen conduct the classification hearing and vote on the available tax rate <br /> options. The vote may be taken at the hearing or a later meeting. <br /> - 1 - <br /> C:\Users\tmcookWppData\Locat\Microsoft\Windows\INetCache\Content.Outlook\234694UO\Overview of Classification4.docx . <br />