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Note,9 Poge>ctyTaLevy
<br /> While the assessor is projecting a further decrease in property values of 4-7%,due to the exceptionally
<br /> poor economy, for purposes of this projection,the Finance Committee is assuming a decrease of 5.5% in
<br /> the total of all property assessments which is resulting in a projected tax rate when it is struck in December
<br /> r
<br /> of$8.43/$1,000 of assessed value, an increase of$0.64 from the current rate of$7.79/$1,000.
<br /> ` ! For information purposes, every$44,200 in either decreased revenue or increased expense affects the tax
<br /> rate by 1 cent. Said another way, to reduce the projected tax rate from$8.43 to $8.42 requires additional
<br /> revenues of$44,200, or decreased expenses of$44,200, or any combination of increased revenues and
<br /> decreased expenses equaling$44,200.
<br /> „ rd er Taxes on the Average Home
<br /> p t3'._
<br /> Reflecting the downward trend in residential property values, in 2009 the average single family home in
<br /> Mashpee was assessed at$467,482,a drop of$29,016 from the average 2008 residential assessment.
<br /> M, Multiplying that amount($467,482)by the tax rate($8.43/$1,000 of assessed value)will result in a tax
<br /> levy of$3,941 for this FY '11 budget. This is an increase of$299 a year over the current bill.
<br /> 'i Note 1l__Property Tates ou the Average Condomnuixu
<br /> Similarly, condominium values dropped in Mashpee to an average assessment of$321,685,or a $29,873
<br /> ,. lower value. Multiplying that amount times the tax rate results in a tax levy of$2,712, or an increase of
<br /> G* ly a A I $206 a year over the current bill.
<br /> CAN�tESIDENTS'RAVE CONFIDENCE Ilt THE FINCOIVI'S PROJECTED PROPEL, TyF ) TS?
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<br /> As part of the Finance Committee's review of the budget,the Charter requires the FinCom to project the
<br /> effect the passage of the budget may have on the property tax rate. This is not easy to do, since the
<br /> "'°i, committee is reviewing the budget in March without knowing the town's final revenues for the current
<br /> fiscal year,the states final municipal aid revenues,how much, if any, funds will be appropriated and
<br /> approved at the October Town Meeting,what new tax rateables will have been added during the year,
<br /> and,most importantly,what the final total of property assessments will be. All these categories have been
<br /> finalized and certified when the Assessor presents the tax rate for the year to the Board of Selectmen in
<br /> late November.
<br /> I> ,p Given this information,the table below shows the FinCom's tax rate projection made for the May Town
<br /> Meeting versus the final tax rate struck in late November.
<br /> FinCom Assessor's
<br /> Year Projected Tax Rate Final Tax Rate Difference
<br /> 2010 $8.43/$1,000
<br /> 2009 $7.70/$1,000 $7.79/$1,000 $0.09
<br /> 2008 $7.20/$1,000 $6.99/$1,000 $0.21
<br /> 2007 $6.15/$1,000 $6.58/$1,000 $0.43
<br /> 2006 $6.39/$1,000 $5.84/$1,000 $0.63
<br /> 2005 (1) $6.34/$1,000
<br /> 2004 (1) $6.49/$1,000
<br /> 1 The FinCom began projecting a tax rate for the Town Meeting in May 2006. Note, since 2006
<br /> O g P J g g Y
<br /> the difference between the projected and final tax rates have gotten closer each succeeding year.
<br /> �,.
<br /> w The following table shows the changes in the Categories of Expense and the major departments and
<br /> expenses within those categories for the FY06 through the FYI municipal budgets, and shows the
<br /> percentage change in each item over the 6 year period. The Total Property Assessments and Tax
<br /> ` Rates are also shown.
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