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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30 , 1980 <br /> i <br /> j <br /> taking of the property and the personal 5 , <br /> liability- is not ordinarily utilized for <br /> collection purposes. Massachusetts law <br /> permits a municipality to either sell by <br /> public sale or take real property for <br /> nonpayment of taxes thereon. In either <br /> case, the property owner can redeem the <br /> property by paying the unpaid taxes, with <br /> interest and other charges. The redemption <br /> must be exercised within six months; if <br /> not, it can be foreclosed by petition to <br /> land court. <br /> d) Motor Vehicle Excise - In addition to <br /> the tax on real and personal property, <br /> the Town collects an annual excise at <br /> a uniform statewide rate of $66 per <br /> $1,000 on the valuation of motor vehicles <br /> as determined by a statutory formula. <br /> Motor vehicle excises are not taken <br /> into account until collected. - <br /> e Tax Possession - Upon foreclosure, a tax <br /> title purchased or taken by the municipality r <br /> becomes a "tax possession" and may be held <br /> and disposed of like any land held for <br /> municipal purposes . <br /> f) Overlay - The Town is authorized by law <br /> to increase each tax levy by up to five <br /> percent for a reserve against tax abatements. 1 <br /> If abatements are granted in excess of the <br /> applicable overlay reserve, the excess is <br /> added to the next tax levy. <br /> (2) Special Revenue Funds <br /> The Special Revenue Fund is used to account <br /> for revenues derived from other significant <br /> sources. The Town of Mashpee' s Special Revenue <br /> Fund is comprised of the following: <br /> AR�Eg E.DIPESA&CO.,BOSTON,MASS.(617)423-3555 <br />