11/13/2023 SELECT BOARD Minutes - Laserfiche WebLink

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5 Mashpee Select Board Minutes November 13, 2023 APPOINTMENTS & HEARINGS Tax Classification Hearin;, Assessor Joseph Gibbons Discussion and Alaproval of Fiscalw Year 2024 Tax Rate: (continued) Motion made by Selectman Sherman to move that 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%. Motion seconded by Selectman Wyman -Colombo. VOTE: 4-1. Motion carries. Roll Call Vote: Selectman Cotton, yes Selectman O'Hara, no Selectman Sherman, yes Selectman Weeden, yes Selectman Wyman -Colombo, yes Opposed, (1) Discussion continued with respect to the recommendation to maintain a residential exemption no higher than 15% of the average assessed single family property. The option shifts the resident's burden from the domiciliary parcels onto higher valued domiciles and all non -domiciliary properties. If the residential exemption increases considerably to relieve the tax burden, potential overlay deficits may be created. This also necessitates additional yearly staffing and requires state mandated review of applications every five years. With the 5% residential exemption supported last year, 2476 applications were vetted and approved for FY2024 as of November 1, 2023. Applications received after November 1, 2023 are eligible to be applied for and evaluated until April Pt. Funds would derive from the overlay. There is concern that a substantial residential exemption would attract more residents and deplete overlay reserves as the total exposure could be 5,000 tax abatements. Currently, there are 2476 abated residential properties or 22% of the 11,036 taxable properties. Scenarios for full time resident taxpayers assuming a 5% residential exemption based on an average value of $772,330: Up to $300,999 31 properties Tax reduction: $226 Up to $500,000 559 properties Tax reduction: $210 Up to $800,999 189 properties Tax reduction: $191 Up to $3,000,000 39 properties Tax reduction: $83 By statute, all full-time resident taxpayers are eligible to receive a tax abatement if their application is fully vetted and approved. There is no cap or limitation to solely abate senior citizens and/or low to moderate incomes. Scenarios for full time resident taxpayers assuming a 15% residential exemption based on an average value of $772,330: Up to $300,999 31 properties Tax reduction: $695 Up to $500,000 559 properties Tax reduction: $645 Up to $800,999 189 properties Tax reduction: $ 5 8 8 Up to $3,000,000 39 properties Tax reduction: $264