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13 <br /> Mashpee Select Board <br /> Minutes <br /> June 26, 2023 <br /> APPOINTMENTS&HEARINGS <br /> Uladates on the Residential Tax ExemJ)tion and Setting the Tax Rate: Assessing Director Joseph <br /> Gibbons: <br /> The Select Board met with Director of Assessing Joseph Gibbons to review the results of the residential <br /> exemption adopted in FY23 as it relates to FY24. The result of the 5%residential exemption in FY23 <br /> represented a$233.31 tax discount for all domiciliary properties. <br /> The adoption increased the residential tax rate to $7.01 from$6.94. Commercial, Industrial and <br /> Personal Properties remained at the rate of$6.94. <br /> Nearly 2,600 residential exemption applications were received. This resulted in 2,434 approvals in <br /> FY23. Of the 2,434 approvals most are single family homes. It is recommended the taxpayers who <br /> were not previously approved, file their applications prior to the November 6,2023 deadline to limit <br /> potential overlay shortfalls. <br /> Mr. Gibbons recommended the Select Board adopt the setting of the tax rate earlier to allow his <br /> department to meet his departmental requirements timely. The Town's Financial Team has supported <br /> the earlier timeframe to allow for more flexibility, and if more residential exemptions are received. <br /> Applications are being accepted from.July 1 st through September 1st. Last year the department <br /> received 325 applications that were not factored into the tax rate. It was explained that it is difficult to <br /> depict the number of applications the Town would receive and what the values would be. Prior <br /> estimates projected approximately 4,800 potential qualifiers. <br /> Discussion followed with respect to the possibility of adding non-residential investment property that is <br /> used as a year-round rental. Mr. Gibbons indicated that an application must be presented. This may <br /> also require state approval with a HOME Rule Petition. Provincetown was noted to support this type of <br /> use for exemption. <br /> With regards to potential increases in the residential exemption it was agreed the Select Board would <br /> request certain percentage scenario's to be reviewed at the next meeting. Last year the percentage <br /> scenarios were shown in 5%, 10% and 20% increments. <br /> 13 <br />