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APPROPRIATION COMMITTEE-2019 ATM
<br /> Lexington Property Tax Deferral History
<br /> Fiscal Year Interest Rate Number of Income Average Total
<br /> Deferrals Threshold Deferral Deferred
<br /> 2001 8.00% 23 $40,000 $3,519 $80,946
<br /> 2002 8.00% 24 $40,000 $4,149 $99,582
<br /> 2003 8.00% 21 $40,000 $3,836 $80,459
<br /> 2004 8.00% 23 $40,000 $3,502 $80,459
<br /> 2005 8.00% 16 $40,000 $4,688 $75,000
<br /> 2006 8.00% 16 $40,000 $4,625 $74,000
<br /> 2007 4.77% 15 $40,000 $4,905 $73,578
<br /> 2008 4.92% 20 $40,000 $5,092 $101,832
<br /> 2009 1.66% 26 $40,000 $5,938 $154,380
<br /> 2010 0.68% 28 $50,000 $6,287 $176,034
<br /> 2011 0.34% 28 $51,000 $6,335 $177,391
<br /> 2012 0.26% 29 $60,000 $6,601 $191,457
<br /> 2013 0.18% 29 $60,000 $6,898 $200,051
<br /> 2014 0.15% 29 $65,000 $7,637 $221,479
<br /> 2015 0.12% 28 $65.000 $8,089 $226,501
<br /> 2016 0.25% 43 $65,000 $8,524 $366,553
<br /> 2017 0.66% 41 $70,000 $9,094 $372,859
<br /> 2018 0.82% 42 $70,000 $9,569 $401,897
<br /> 2019 1.96% TBD $70,000 TBD TBD
<br /> The Committee believes that the proposed increase of the threshold to $75,000 will offer needed property
<br /> tax relief to some moderate-income senior homeowners who cannot currently take advantage of the deferral
<br /> program. Given the nature of the program,which essentially involves well-secured temporary loans by the
<br /> Town,the burden on and financial risk to the Town is minimal.
<br /> The Committee recommends approval of this request(9-0).
<br /> Article 6
<br /> Appropriate for Cremation Facility at Westview Cemetery
<br /> Funds Requested Funding Source Committee Recommendation
<br /> $90,000 GF Disapprove (0-8-1)
<br /> This is a citizen article requesting$90,000 for design, engineering and architectural services including Site
<br /> Design, Schematic Design,Design Development, Construction Drawings and Bid Documents for a crema-
<br /> tory facility.This project would become an added component of a new Westview Cemetery building,which
<br /> a The general law originally provided for an interest rate of 8%but was subsequently amended to allow a town,by
<br /> vote of its legislative body,to establish a lesser rate.Effective in 2007,Town Meeting adopted a variable rate intended
<br /> to match the Town's cost of funds for the year in question. See Appendix D. The interest rate for FY2020 will be
<br /> 2.55%.
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