2019-07-30-CPAC-min - Laserfiche WebLink

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Meeting Minutes of July 30, 2019 Page 2 • Switch general office zoning to lab/office zoning—would see change in value quickly; would see higher commercial tax rate What are the different classes of commercial space? • Most of Lexington is class B or class C; some class A in Boston,but not in Lexington • Class A, B, C etc. —determined in the quality of the build out, where class A has the best quality • Class is taken into account when assessing—but difference between Class B and Class C is not significant • Class is set by Assessor's office • Assessment is done based on income and expenses rather than quality of space Do you get good information from property owners? • Yes—there is a need to have information that is defensible before the Appellate Tax Board • Can take a year to get a property that has changed over assessed—has to be finished before presented to the Department of Revenue What is the rhythm to the year? • Set tax rate in Dec. • Jan—file abatements; review for next 3 months—until May 1 • Valuation season—Aug 1 or Sep 1 • Request for information on rents—Jan—Feb; must return in 60 days(?); most bigger businesses file on time and regularly; smaller businesses • Sep—prepare for DOR review; compare sales for residential properties; commercial info comparisons—income/expense data • Oct—back and forth; accepted • Nov- Dec; town level decisions, tax rate is set and approved What is the criteria for abatements? • Valuation per square foot- $$/square foot discrepancies Question 3: If smaller retail areas in Lexington were re-zoned for mixed use, or for more intense retail, what would the scale and timing of that increased tax assessment be? • Don't assess to raise taxes—assess real value; question is phrased a little strangely • Marrett/Waltham • Woburn/Lowell • Concord/Waltham