Ad Hoc Residential Exemption Policy Study Committee - REPSC - Charge - Revised Oct 2018

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Ad Hoc Residential Exemption Policy Study Committee Members: Five voting members. At least one and up to two liaisons from the sitting Board of Selectmen. Appointed by: The Board of Selectmen Length of Term: Terms end upon delivery of recommendations to the Board of Selectmen in accordance with the deliverables schedule outlined below. Meeting Times: As determined by the Committee. A minimum of one evening meeting to solicit public comment shall be required. Description: Preserving affordability for residents is the Board's top financial goal. This ad-hoc committee will continue the work of a fact finding working group formed to study the Residential Exemption and analyze if adopting the exemption could help reduce the property tax burden and make it easier for residents to remain in their homes. The ad-hoc committee will focus on identifying policy questions and will make recommendations to the Selectmen regarding the residential exemption. Deliverables: By March 15, 2019, the ad-hoc committee will present policy recommendations and implementation options to the Board of Selectmen based on completing the following tasks: • Review and update the analysis prepared by the preceding working group. • Characterize the expected effects of adopting the exemption on: o Residents including: ■ Seniors ■ Tenants ■ Residents whose homes are in trust o The Lexington real estate market including purchasers and developers. • Describe fairness issues associated with implementing the exemption. • Comparison of the Residential Exemption with means-tested programs. • Summarize the experience and implementation practices of communities that have adopted the exemption. • Summarize the results of a public information and comment session to obtain general feedback on implementation of the exemption from Lexington residents.