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Town of Mashpee/Mashpee Water District <br /> Classification hearing <br /> December 7, 1998 <br /> Each year at this classification hearing,the Board of Selectmen4nd District Commissioners are asked to <br /> make four choices relating to the manner in which the Town is taxed <br /> The four choices are as follows: <br /> 1. Split Tax Rate. The Selectmen and District Commissioners may choose to tax commercial, <br /> industrial, and personal property (C.I.P.) at a rate up to 50%greater than the "regular", unadjusted <br /> tax rate. The increase to C.I.P.properties results in a decrease to residential properties. In the case of <br /> Mashpee for fiscal year 1999, a full 50% increase to C.I.P. reduces the residential rate by 7.61/1o. In <br /> other words, for every $76. saved by residential taxpayers, commercial taxpayers would have to pay <br /> an additional$500. <br /> 2. Small Business Exemption: In order to buffer the impact of a spit tax rate on small businesses <br /> there is a provision that allows the Selectmen and Commissioners to offer a tax exemption properties <br /> housing businesses with 10 or fewer employees. Approximately half of the businesses in Mashpee <br /> currently qualify for this exemption.The exemption is a moot point if the tax rate is not split. <br /> 3. Open Space Discount: The Selectmen and Commissioners may offer a discount of up to 75%to <br /> land identified by the Board of Assessors as Open Space. The Board of Assessors only classifies <br /> proper as Open Space when it has legally enforceable deed restrictions. Open Space properties in <br /> Mashpee are currently assessed at a rate that reflects their marginal marketability. <br /> 4. Residential Exemption The Board of Selectmen and Commissioners may elect to offer a tax <br /> exemption of up to 20%of the average residential property value to all domiciles_ This exemption is. <br /> paid by non-qualifying residential properties and results in an increased tax rate for all residential <br /> properties with a lower tack for Mashpee residents whose homes are assessed under $350,000. <br /> Note: Assuming 3800 qualified properties, a residential exemption of 20% would increase the <br /> residential rate by about 8%. .',—m-m for nxmi°apies.> <br />