05/05/2008 Annual Town Meeting - Laserfiche WebLink

Home Browse Search

ratable base to generate the income needed to offset both the lower non-property tax revenues and the increase in municipal expenses. �n Since FY 2005 Mashpee total of assessments has grown from$4.42 billion to $5.15 billion in FY 08, but last year dropped back to $5.08 billion. If the total of property assessments does decrease in this year by 5% to the $4.8 billion range that will have a significant impact on the tax rate that will be set in December. Each $100,000,000 change in the total of assessments, in either direction, has about a$0.14 impact on the tax rate. Correspondingly, every$100,000 in either P; increased expenses or reduced revenues has a $0.02 impact on the tax rate. NOTE 9. Property Tax Levy. Given the scenario outlined above, the projected tax rate property owners can expect in December will be around $7.20/ $1,000 of assessed value. This is a $0.62 increase over the present rate of$6.58, or a 9.4% increase. Of the $0.62 increase, $0.36 is a result of the lowered property assessments, $0.21 is a result of the lower revenues to apply toward the budget, while $0.05 is a result of the increase in the municipal budget. NOTE 10. Property Taxes by Year As a Function of Property Assessment. In past reports, property taxes have been shown on the "average" single family house. That value was determined by taking the total property assessments of all single family homes as a class and dividing by the total number of homes. A similar calculation was done for condominium units. The year to year property taxes on these "average" assessments was confusing, and perhaps misleading, because not only is the average of the assessed value changing each year, but also the tax rate changes each year as well. N This year the property taxes are shown at fixed assessments ranging from $200,000 to i, $1,000,000, and the property taxes are shown for each for FY 06, 07, 08, and 09. In this way, if a resident knows their approximate assessed value, they can get an indication the impact the new tax rate will have on their property taxes. i 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$436,385, which includes $200,000 for the purchase of a third ambulance vehicle to be funded from Ambulance Account Receipts. The funding of projects this year has been cut back drastically due to the lack of surplus funds. Except for the purchase of replacement air packs for the Fire Department, only lease obligations are being funded in this year's CIP budget. In addition to the ambulance vehicle, the Article requests approval for the final payment for the lease-purchase of a Dept. of Public Works dump truck($56,930); Fire Dept. air pack replacements ($45,500), and Police Dept.vehicle leases ($134,995). Hopefully, after the state revenues have been finalized and the FY 08 fund balance has been certified, additional funds will ..i become available to approve projects at the October Town Meeting. All the funds to pay for these projects, including the ambulance vehicles, will come from currently available surplus funds. Approval of this article will have no impact on the 2008 property tax rate. 18