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Exhibit M TOWN OF MASHPEE NOTES TO FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 1978 e. Property Taxation - The principal tax of the Town is the tax on real and personal property. The amount to be levied in each year is the amount appropriated or required by law to be raised for municipal expenditures less estimated receipts from other sources and appropriations voted from available funds. The estimated receipts far a fiscal year from other sources may not exceed the actual- receipts during the preceding calendar year from the same sources unless approved by the State Tax Commission. Among the sums required by law to be included in the tax levy are debt and interest charges not otherwise provided for, amounts necessary to pay final judgements and abatements of taxes in excess of applicable reserves. A single tax rate applies for each fiscal year Vii' 111-, to 'the assessed value of the taxable real andpersonal property. The taxes for each fiscal year are due in two installments, namely November I and May 1. Real property is subject to a lien for the taxes assessed upon it. - The persons against whom real r or personal property taxes are assessed are persen:ally liable therfore. In the case of real property,_ this personal liability is effectively extinguished by sale or taking of the property and the personal liability is not ordinarily utilized for collection purposes. Massachusetts law permits a municipality to either sell by public sale or take real property for nonpayment of taxes thereon. In either case the property owner can redeem the property by paying the unpaid taxes, with interest and other charges. The redemption must be exercised within six months; if not, it can be foreclosed by petition to land court. i �`. CHARLES E. D,PESA & CO., BOSTON, MASS, 617 423-3555 -