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13 <br />Mashpee Select Board <br />Minutes <br />June 26, 2023 <br />APPOINTMENTS & HEARINGS <br />Uladates on the Residential Tax ExemJ)tion and Setting the Tax Rate: Assessing Director Joseph <br />Gibbons: <br />The Select Board met with Director of Assessing Joseph Gibbons to review the results of the residential <br />exemption adopted in FY23 as it relates to FY24. The result of the 5% residential exemption in FY23 <br />represented a $233.31 tax discount for all domiciliary properties. <br />The adoption increased the residential tax rate to $7.01 from $6.94. Commercial, Industrial and <br />Personal Properties remained at the rate of $6.94. <br />Nearly 2,600 residential exemption applications were received. This resulted in 2,434 approvals in <br />FY23. Of the 2,434 approvals most are single family homes. It is recommended the taxpayers who <br />were not previously approved, file their applications prior to the November 6, 2023 deadline to limit <br />potential overlay shortfalls. <br />Mr. Gibbons recommended the Select Board adopt the setting of the tax rate earlier to allow his <br />department to meet his departmental requirements timely. The Town's Financial Team has supported <br />the earlier timeframe to allow for more flexibility, and if more residential exemptions are received. <br />Applications are being accepted from. July 1 st through September 1st. Last year the department <br />received 325 applications that were not factored into the tax rate. It was explained that it is difficult to <br />depict the number of applications the Town would receive and what the values would be. Prior <br />estimates projected approximately 4,800 potential qualifiers. <br />Discussion followed with respect to the possibility of adding non-residential investment property that is <br />used as a year-round rental. Mr. Gibbons indicated that an application must be presented. This may <br />also require state approval with a HOME Rule Petition. Provincetown was noted to support this type of <br />use for exemption. <br />With regards to potential increases in the residential exemption it was agreed the Select Board would <br />request certain percentage scenario's to be reviewed at the next meeting. Last year the percentage <br />scenarios were shown in 5%, 10% and 20% increments. <br />13 <br />