05/04/2009 Annual Town Meeting - Laserfiche WebLink

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i i L For purposes of calculating a projected tax rate which will result from the approval of this j F budget, the FinCom is anticipating a further decrease of 6% in the overall total of property assessments, which will bring the total value down to approximately$4,688,670,000. NOTE 9. Property Tax Levy. Using the non-property tax revenues indicated and a 6% decline in property tax assessments, the I projected property tax rate to support this budget when it is struck in December will be $7.70/ $1,000 of assessed value, an increase of$0.71 from the current rate of$6.99/ $1,000. For information purposes, every $46,887 in either decreased revenue or increased expense affects the tax rate by 1 cent. Said another way, to reduce the projected tax rate from $7.70 to $7.69 will require additional revenues of $46,887, a decreased expenses of $46,887, or any combination of increased revenues and decreased expenses equaling $46,887. NOTE 10. Property Taxes on the Average Home. In 2008 the average single family home in Mashpee was assessed at $496,189. Multiplying that amount by the tax rate will result in a tax levy of $3,823 for this FY 10 budget, as proposed. This is an increase of$352 a year over the current bill. NOTE 11. Property Taxes on the Average Condominium. The average condominium in Mashpee is assessed at $351,558. Multiplying that amount times the tax rate results in a tax levy of$2,707, or an increase of$250 a year over the current bill. ARTICLE 3. Capital Improvement Budget Submitted by: Board of Selectmen As recommended by the Capital Improvement Committee, the Capital Improvement Budget items to be funded in this budget total $390,000, which includes $145,000 for Police Department vehicle leases, $40,000 to purchase a replacement pick-up truck with a plow for the Department of Public Works, and $25,000 to purchase a vehicle which will become a pool vehicle for Town Hall departments. In addition, $60,000 is requested to fund a comprehensive engineering study of all town and school buildings to identify and prioritize needed capital improvements for future budgets. These four projects will be funded from available surplus funds. i In addition, using cable television revenues of$120,000, four additional capital purchases have been approved by the Capital Improvement Committee for consideration. These purchases include: a) Town Hall computer replacements ($30,000); b) tape backup equipment($10,000); c) School Department replacement computers and projectors ($40,000), and d) Town Hall surveillance equipment($40,000). Since all the funds to pay for these projects will utilize either available surplus funds or funds from cable television receipts, approval of this article will have no impact on the 2009 property tax rate. THE FINANCE COMMITTEE APPROVES ARTICLE 3. Vote: 6—0. 16