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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO* FINANCIAL STATEMENTS <br /> JUNE 30, 1981 <br /> I <br /> I <br /> a) Inventories - Purchases of supplies are recorded <br /> as expenditures of budgeted appropriations at the <br /> time the purchases are made. <br /> b) Fixed Assets - It is a common practice of municipalities <br /> in the Commonwealth of Massachusetts not to maintain <br /> general fixed asset records; acquisitions are <br /> . expensed in the year of acquisition. <br /> c) Property Taxation - The principal tax of the Town <br /> is the tax on real and personal property. The <br /> amount to be levied in each year is the amount <br /> appropriated or required by law to be raised for <br /> municipal expenditures less estimated receipts <br /> from other sources and appropriations voted from <br /> available funds . The estimated receipts for a <br /> fiscal year from other sources may not exceed the <br /> actual receipts during the preceding calendar year <br /> from the same sources unless approved by the State <br /> Tax Commission. Among the sums required by law to <br /> be included in the tax levy are debt and interest <br /> charges not otherwise provided for, amounts necessary <br /> to pay final judgements and abatements of taxes in <br /> excess of applicable reserves . A single tax rate <br /> applies for each fiscal year to the assessed value of <br /> the taxable real and personal property. The taxes <br /> for each fiscal year are due in two installments, <br /> namely November 1 and May 1. Real property is subject <br /> to a lien for the taxes assessed upon it. The persons <br /> against whom real or personal property taxes are <br /> assessed are personally liable therefore. In the case <br /> of real property, this personal liability is <br /> effectively extinguished by sale or taking of the <br /> property and the personal liability is not ordinarily <br /> utilized for collection purposes. Massachusetts law j <br /> permits a municipality to either sell by public sale <br /> or take real property for nonpayment of taxes thereon. <br /> In either case, the property owner can redeem the <br /> property by paying the unpaid taxes, with interest j <br /> and other charges . J <br /> II <br /> 19 - <br /> C'�AIIFS E.DPESA&CO..BOSTON,MASS.(617)423-3555 <br />