7/28/2014 BOARD OF SELECTMEN Minutes

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i 1 i Board of Selectmen Minutes July 2 ,201 NEWBUSINESS: Residential E isus%.(continued) If the Board of Selectmen were to adopt the exemption and voted percentage, the Assessor would then determine the amount of`value to be exempted for those qualifying parcels by calculating the following; The total assessed value for all Class 1 properties which includes vacant and multi-family, The Notal number of parcels within the Class I properties, Divide the total Class 1 valuation by the total number of Class I parceYs, which is the average assessed value of all class I residential parcels, Multiply the exemption percentage, as voted by the Board of Selectmen, by the average value. This is the amount to be exempted for each ualiPling parcel. Multiply the number of exemptions granted by the exemption amount, Subtract the aggregate exemption amount from the total Class 1 value. The residential tax rate for all Class I properties will be calculated from this adjusted value. The pros and cons of the FYI 4 Residential Study were briefly considered. The process r wires the residential property owner to submit an application, and Provide the first page of their Mate or Federal TaX return with a copy of their driver's license to show proof of residency. Software upgrades to the MUNIS and PK assessing systems are also required to implement the residential exemption in addition to the need for additional staff support. It was agreed that an information Public Hearing would be scheduled on August 18,2014 at the Mashpee High School td review the proposed program. If the Selectmen elect to move forward with the proposal, it was recommended the Town gain adequate lead firn6 to launch the program, and consider the project in FY 16 at the earliest. If supported, it is also necessary to seek funding for-two positions at the October 2014 Town Meeting to begin to advance the progran .