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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1980 <br /> i <br /> a) Inventories - Purchases of supplies i <br /> are recorded as expenditures of <br /> budgeted appropriations at the time I <br /> the purchases are made. <br /> b) Fixed Assets - It is a common practice <br /> of municipalities in the Commonwealth <br /> of Massachusetts not to maintain general <br /> fixed asset records; acquisitions are <br /> expensed in the year of acquisition. <br /> c) Property Taxation - The principal tax { <br /> of the Town is the tax on real and <br /> personal property. The amount to be <br /> levied in each year is the amount <br /> appropriated or required by law to be i <br /> raised for municipal expenditures less <br /> estimated receipts from other sources <br /> and appropriations voted from available <br /> funds. The estimated receipts for a <br /> fiscal year from other sources may not <br /> exceed the actual receipts during the <br /> preceding calendar year from the same <br /> sources unless approved by the State ^� <br /> Tax Commission. Among the sums required <br /> by law to be included in the tax levy <br /> are debt and interest charges not other- <br /> wise provided for, amounts necessary to <br /> pay final judgements and abatements of <br /> taxes in excess of applicable reserves. <br /> A single tax rate applies for each <br /> fiscal year to the assessed value of ! <br /> the taxable real and personal property. I <br /> The taxes for each fiscal year are due <br /> in two installments, namely November 1 <br /> and May 1. Real property is subject to <br /> a lien for the taxes assessed upon it. <br /> The persons against whom real or personal <br /> property taxes are assessed are personally <br /> liable therefore. In the case of real <br /> property, this personal liability is <br /> effectively extinguished by sale or <br /> - 19 - <br /> CHARLES E.DIPESA&CO.,BOSTON,MASS.(617)423-3555 <br />