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a I TOWN OF_ MASHPEE, nkSSACHUSETTS i! NOTES TO COMBINED FINANCIAL STATEMENTS JUNE 30, 1982 ,I b) Fixed Assets - It is a common practice of municipalities in the Commonwealth of Massachusetts not to maintain general fixed asset records ; acquisitions are expensed in the year of acquisition. c) Property Taxation - The principal tax of the Town is the tax on real and personal property. The amount to be levied in II 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 for a fiscal, year from other sources may not exceed the actual receipts during the preceding calendar year' from I the same sources unless approved by the I State Tax Commission. Among the sums required by law to be included in the tax levy are debt and interest charges I! ' not otherwise provided for, amounts !� necessary to pay final judgements and j abatements of taxes in excess of applicable j reserves. A single tax rate applies for { each fiscal year to the assessed value of the taxable real and personal property. it The taxes for each fiscal year are due in two installments, namely November 1 and May 1. . Real property is subject to a lien for the taxes assessed upon it. The persons against whom real or personal property taxes , are assessed are personally liable therefore. In the case of real property, this personal liability is effectively extinguished byS ill. Pd th the property and sale or taking of P personal liability is not ordinarily utilized for collection purposes. Massa- I chusetts 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 ( 4 taxes, with interest and other charges. "M 13 - JI CHARLES E.DIPESA&Co.,BOSTON.MASS.(617)423-3555