11/13/2023 SELECT BOARD Minutes - Laserfiche WebLink

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4 Mashpee Select Board Minutes November 13, 2023 APPOINTMENTS & HEARINGS Public Hearin Proposed Change of _S eed Limit on Pondview Drive Count Road, Dixon Drive Holly Farm Drive Win low Drive,wRiver Run and Renee's„ Circle: (continued) Motion made by Selectman Sherman to post the speed limit to 20 mph on Pondview Drive, County Road, Dixon Drive, Holly Farm Drive, Winslow Drive, River Run and Renee's Circle. Motion seconded by Selectman O'Hara. VOTE: Unanimous. 5-0. Roll Call Vote: Selectman Cotton, yes Selectman O'Hara, yes Selectman Sherman, yes Selectman Weeden, yes Selectman Wyman -Colombo, yes Opposed, none TaxµClassification Hearing; Assessor wJoseph_Gibbons: Discussion rand Approv„al of Fiscal Year 2024 Tax Rate: The Select Board opened the Public Hearing on whether the Town of Mashpee should implement the Classification Act. At the hearing the Select Board will hear testimony as to what will be the Fiscal Year 2024 residential factor which will determine the share of taxes each classification of property will pay, what will be the open space factor, and whether there will be a residential exemption and/or a small business exemption. Joseph Gibbons, Director of Assessing was in attendance with Paul Andrews, Chair of the Board of Assessors to facilitate the hearing. At their meeting of November 1, 2023, the Board of Assessors voted unanimously to recommend the Town of Mashpee adopt a Factor of " 1 " for all Classes of Property with No discount for Open Space, No Small Commercial Exemption and a Residential Exemption no higher than 15%. Last year, the Select Board adopted a Residential Exemption of 5%. In FY2023, the average single family home value was $770,395. In FY2024, the average single home value in the Town of Mashpee is $899,503. Mr. Gibbons indicated the tax rate in Mashpee is relatively low in comparison to the 351 communities in the Commonwealth of Massachusetts. Options associated to the Residential Exemption were considered using 5% increments up to 35%. Using the average single-family value of $899,503, a 5% residential exemption would represent a tax rate of 6.28% with an average tax bill of $5,648.88. An increase of 4.60%.