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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> ,1UNE 30; 1981 <br /> r <br /> I <br /> The redemption must be exercised within six months; <br /> if not, it can be foreclosed by petition to land <br /> court. <br /> d) Motor Vehicle Excise - In addition to the tax on <br /> real and personal property, the Town collects an <br /> annual excise at a uniform statewide rate of $25 <br /> .per $1,000 on the valuation of motor. vehicles as <br /> determined by a statutory formula. Motor vehicle <br /> excises are not taken into account until collected. <br /> e) Tax Possession - Upon foreclosure, a tax title <br /> purchased or taken by the municipality becomes a <br /> "tax possession" and may be held and disposed of <br /> like any land held for municipal purposes. <br /> f) Overlay - The Town is authorized by law to increase <br /> each tax levy by up to five percent for a reserve j <br /> against tax abatements . If abatements are granted <br /> in excess of the applicable overlay reserve, the <br /> excess is added to the next tax levy. i! <br /> f <br /> (2) Special Revenue Funds <br /> The Special Revenue Fund is used to account for <br /> revenues derived from other siginificant sources. <br /> The Town of Mashpee' s Special Revenue Fund is <br /> comprised of the following: <br /> 'I <br /> a) Federal Revenue Sharing - This fund reflects the <br /> revenues received by the Town under the Federal <br /> Revenue Sharing Program. The appropriations and <br /> disbursements of such funds are made in accordance + <br /> with Federal guidelines. The funds were expended _ W <br /> as follows : <br /> i <br /> General Government $28,766 <br /> Public Safety 17 ,696 <br /> Health 8,000 <br /> Miscellaneous and <br /> Unclassified 16,100 <br /> I, <br /> TOTAL $70,562 <br /> ARLES E.DiPESA&CO.,BOSTON,MASS.(617)423-3555 <br /> - 20 - <br />