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