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Home My WebLink About2012-11-26-FY13-taxclasspkt1Town of Lexington Fiscal Year 0 �Q H Q SI �3 �5 MORIVI O�`O a1 N APRIL �EXIN G T0 Prepared for: Lexington Board of Selectmen Prepared by: Lexington Assessors Office Chairman, William W. Jackson Member, Edmund C. Grant Member, Gregory A. Johnson Robert F. Lent, Director of Assessing Tax Classification Hearing November 26, 2012 To: Lexington Board of Selectmen From: Lexington Board of Assessors Subject: FY13 Tax Classification — Public Hearing Date: November 26, 2012 This memo is intended to provide the Board of Selectmen with the necessary information to conduct a Public Hearing and Information Session on the tax classification options available under Massachusetts General Laws. The classification amendment requires the Board of Selectmen to consider four selections with respect to the setting the FY2013 tax rate. The decision of the Board for each alternative must be submitted to the DOR on form LA5. The four (4) selections are: 1. Selection of a residential factor 2. Selection of a discount for Open Space 3. A residential exemption 4. A small commercial exemption These selections are discussed below. 1. Selection of a residential factor. The Board of Selectmen may adopt a residential factor, thus increasing the commercial, industrial, and personal property (C -I -P) tax rate by a maximum factor of 1.750. The attached Exhibits A & B demonstrate the shift that the various C -I -P factors have on the percentage of the tax levy borne by each class and the resulting tax rates. Approximately 100 of the 351 communities in Massachusetts adopt this component of classification. Adopting the residential factor is, in practice, only available to communities that have a commercial tax base. 2. Selection of a discount for Open Space. Massachusetts General Law Chapter 59 Sec. 2A Defines Class 2 Open Space as: "..land which is not otherwise classified and which is not taxable under provisions of chapters 61, 61A or 61 B, or taxable under a permanent conservation restriction, and which land is not held for the production of income but is maintained in an open or natural condition and which contributes significantly to the benefit and enjoyment of the public." A maximum exemption of 25% may be adopted for all property that is classified as Open Space. The Assessors have not identified any property that meets the definition of Open Space according to the statute. Bedford was the only community in the Commonwealth of MA to adopt this exemption in FY2012. 3. Residential exemption. The Board of Selectmen may adopt a maximum residential exemption of 20 %. This exemption applies only to owner occupied properties. Those below the break -even point realize a reduction in taxes and those above pay additional taxes. Non -owner occupied properties would have a substantial increase in taxes including apartments and vacant land. Refer to the example in Exhibit H in this classification packet. Thirteen (13) communities in Commonwealth of MA, typically those with a substantial base of rental units, adopted this exemption in FY2012 Barnstable, Boston, Brookline, Cambridge, Chelsea, Everett, Malden, Nantucket, Somerset, Somerville, Tisbury, Waltham and Watertown. In Lexington in FY 2013, Single Family Dwellings have an average assessed value of about $718,000 (rounded); however, the average assessed value for all "residential parcels" in Lexington (including the following categories: single family dwelling, two & three family buildings, vacant land, condominiums, and apartment buildings is (rounded): 4. Small commercial exemption An exemption of up to 10% of the property valuation can be granted to commercial (not industrial) property that meets the requirements of the law. To qualify, eligible businesses must have occupied the property as of January 1, must have had no more than ten (10) employees during the previous calendar year and the building must have a valuation of less than $1,000,000. While the eligible business does not have to own the building, all occupants of the commercial portion of the building must qualify. Again, this exemption is borne within the commercial and industrial classes. Ten (10) Commonwealth of MA communities adopted the small commercial exemption in FY12: Auburn, Avon, Bellingham, Braintree, Dartmouth, New Ashford, Seekonk, Somerset, Westford and Wrentham. EXHIBIT A: ALTERNATIVE TAX RATE SCENARIOS FOR FY2013 FY2012 FY2013 % CHANGE Maximum Allowable Levy Limit $134,384,498 $141,552,505 5.33% Tax Levy (FY12 actual /FY13 levy limit( $134,337,548 $141,652,505 5.37% Residential Valuation $6,974,904,000 $7,196,488,310 3.18% Comm /lndl/PP Valuation $1,051,783,320 $1,111,468,450 5.67% Total Valuation $8,026,687,320 $8,307,956,760 3.50% Residential Tax Rate $14.97 T.B.D. T.B.D. Comm /Indl /PP Tax Rate $28.45 T.B.D. T.B.D. FY2012 Maximum $134,384,498 N/A Allowable Levy Limit % LEVY CHNG: FY12 TO FY13 COMMENTS Proposition 21/2 $3,216,567 2.39% increment $ 18,937,405 $ 122,615,100 $17.04 New Growth Increment $3,538,485 2.63% Override $0 0.00% Debt Exclusion 412,495 0.31% Increment - 33.55% 16.52% FY2013Maximum $141,552,505 5.33% Allowable Levy $ 20,831,146 $ 120,721,359 $18.74 Percentage differs because the 5.37% change is based on the FY12 C -I -P RESID FACTOR FACTOR % SHARE OF LEVY C -1 -P RES TAX LEVY C -I -P RESID TAX RATE C -I -P RESID % LEVY CHNG: FY12 TO FY13 COMMENTS C -I -P RESID 1.000 1.000 13.38% 86,62% $ 18,937,405 $ 122,615,100 $17.04 $17.04 -36.71% 17.43% SINGLE TAX RATE 1.050 0.992 14.05% 85.95% $ 19,884,275 $ 121,668,230 $17.89 $16.91 - 33.55% 16.52% 1.100 0.985 14.72% 85.28% $ 20,831,146 $ 120,721,359 $18.74 $16.78 - 30.38% 15.62% 1.150 0.977 15.39°% 84.61°% $ 21,778,016 $ 119,774,489 $19.59 $16.64 - 27.22% 14.71% 1.200 0.969 16.05% 83.95% $ 22,724,886 $ 118,827,619 $20.45 $16.51 -24.06% 13.80% 1.250 0.961 16.72% 83.28% $ 23,671,756 $ 117,880,749 $21.30 $16.38 - 20.89% 12.90% 1.300 0.954 17.39% 82.61% $ 24,618,627 $ 116,933,878 $22.15 $16.25 - 17.73% 11.99% 1.350 0.946 18.06% 81.94% $ 25,565,497 $ 115,987,008 $23.00 $16.12 - 14.56% 11.08% 1.400 0.938 18.73°% 81.27% $ 26,512,367 $ 115,040,138 $23.85 $15.99 - 11.40% 10.18% 1.450 0.930 19.40% 80.60% $ 27,459,238 $ 114,093,267 $24.71 $15.85 -8.23% 9.27% 1.500 0.923 20.07% 79.93% $ 28,406,108 $ 113,146,397 $25.56 $15.72 -5.07% 8.36% 1.550 0.915 20.74% 79,26°% $ 29,352,978 $ 112,199,527 $26.41 $15.59 -1.91% 7.46% 1.560 0.914 20.87% 79.13% $ 29,542,352 $ 112,010,153 $26.58 $15.56 -1.27% 7.27% 1.570 0.912 21.00°% 79.00°% $ 29,731,726 $ 111,820,779 $26.75 $15.54 -0.64% 7.09% 1.580 0.910 21.14% 78.86% $ 29,921,100 $ 111,631,405 $26.92 $15.51 -0.01% 6.91% 1.590 0.909 21.27% 78.73% $ 30,110,474 $ 111,442,031 $27.09 $15.49 0.63% 6.73% 1.600 0.907 21.41% 78.59% $ 30,299,848 $ 111,252,657 $27.26 $15.46 1,26% 6.55% 1.610 0.906 21.54% 78.46% $ 30,489,222 $ 111,063,283 $27.43 $15.43 1.89% 6.37% 1.620 0.904 21.67% 78.33% $ 30,678,596 $ 110,873,909 $27.60 $15.41 2.52% 6.19% 1.630 0.903 21.81% 78.19% $ 30,867,970 $ 110,684,535 $27.77 $15.38 3.16% 6.01% 1.640 0.901 21.94% 78.06% $ 31,057,344 $ 110,495,161 $27.94 $15.35 3.79% 5.82% 1.650 0.900 22.07% 77.93% $ 31,246,719 $ 110,305,786 $28.11 $15.33 4.42% 5.64% 1.660 0.898 22.21% 77.79% $ 31,436,093 $ 110,116,412 $28.28 $15.30 5.06% 5.46% 1.670 0.897 22.34% 77.66% $ 31,625,467 $ 109,927,038 $28.45 $15.28 5.69% 5.28% 1.680 0.895 22.48°% 77.52°% $ 31,814,841 $ 109,737,664 $28.62 $15.25 6.32% 5.10% 1.690 0.893 22.61% 77.39% $ 32,004,215 $ 109,548,290 $28.79 $15.22 6.95% 4.92% 1.700 0.892 22.74°% 77.26% $ 32,193,589 $ 109,358,916 $28.96 $15.20 7.59% 4.74% 1.710 0.890 22.88% 77.12% $ 32,382,963 $ 109,169,542 $29.14 $15.17 8.22% 4.55% 1.720 0.889 23.01% 76.99% $ 32,572,337 $ 108,980,168 $29.31 $15.14 8.85% 4.37% 1.730 0.887 23.14% 76.86% $ 32,761,711 $ 108,790,794 $29.48 $15.12 9.49% 4.19% 1.740 0.886 23.28% 76.72% $ 32,951,085 $ 108,601,420 $29.65 $15.09 10.12% 4.01% 1.750 0.884 23.41% 76.59%1$ 33,140,459 $ 108,412,046 $29.82 $15.06 10.75% 3.83% FY13 MAX SHIFT 112320123:09 PM ICL D Cl) LLI L) R 0 I-- U) X uj CL 0 0 Cl) N N C14 V 'IT m m m n 0 0 0 0 0 0 0 0 0 N 0 0 0 r- .- .- .- .- .- .- .- .- .- .- .- .- -. -.- << LL -I -I -,o Io o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 > Mq N4 0, m w 4 0:� W IT r- 0 0) (3) M M 0 M( 0 � M — M ❑ uj m m C,4 - C\' m- r- C\' W- m (D m m r- m C\' 0 C\' m m (3) - 0 N t N'Im r- m 0 C\l M 04 n 0 M to M N M 'IT (D tD M M M ' N (,� N N +- 04 04 CA N -- N m n M 04 N N N N N N C4 N N N N IL Q LLJ :D -I o-, 'o" -.o 0 0 -oo, 0 -.,o 0 ,o .Q ,o o" 0 0 0 0 0 0 -o 0 0 0 0 0 o-, -o' o-o _j 0 r, M M M (D M -It W n C'J M n M V M V M M N m M CD N r, Z; M 0 a0 < M 0) 0 0 0 (4) M " "I" T- M r- 0 00 U) 04 " 0) N It 'It 0) 1- M > 0 N M Cl) N M 04 N �2 �2 �R �R �R N -- `4 " `4 c'j �2 �: �2 �2 C4 N cli N N N N N — — — — — — — 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IR Ilz !Z 0 0 0 0 0 0 > t-- 0 0 w 0 m w 0 0 't w m r- N r- M 0 N M N L -j �3 Ll p r-� OD r,� 0 04 OR LA? 0 Cl� (q OR . . . 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N m M m M N N p m N N i w N (} � w N N m F- M } LL f9 M� N LL al f9 tM » y i i LL yN Hi N LL p LL O N m m (D N O a N r O 0 O W N (V N N tM N a 'h as N o 0 p N b N m N w N O N N N m H O O D O O O N } W in p O w V m fA Y N W w N N N V N N } N W m N (n m N N� V y W m m `- N I� O W EN lfi m m m m m m F- LL (°(MOmo `nMo (D h .- N "'p0 o 0 �(N.ino 'O X20 0 v10 0 0 O O m m '� Lo N O H N '� W m M O N N N (? m m m V N N W W m M N O W N N m m m m m m LL O' vi V N O I}i ' M NM F- 1 ° O O m 0 vMQZ N O p (_ n 00 O 0 � QQ rLL O ° � mw N Q Q 0} N ❑ Z Z N Z O Y W O o N N Z Z EA m F- H N LL N • � � � 'O U 'O � � N ?. • N M M N .^O M M N .^O M M j N ,O^ M M N ,^O M M E ¢ M M Q Y O Q m } 'n Q w a LL LL (� Y Q L}L LL o0 « O Q LL LL Y a LL LL r O Q LL LL a 3 a u- < LL > m N N y �' > mN N O. d > aN N • a > m N N d > OWN N m d > OlN N N m _O Q> } LL O OJ Q i LL V O) Q i LL 3 m "O Q i LL a m Q 1' L>ILL 'O Q> LL 12 N Q O C O Q Q p C C O Q y cc C y Q C U • Q � C g C N Q N C LL O O Q O C O Y Q O C O = Q O C U Q O C C O O N /1 0 N O N O O O• y N O O C N O d 0 ° N O d O O O v o y n p o o �+ m n O� c o o m 3 °• Q 3 m m J O• N .°. 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M p0 ,gyp d 4S N O 00 n d C N O 00 .m0 m x O O = m (» A = m c `n LL - m 10 l• LL— m '-° J• A — m m > (a = e>- v>- of v� Q m 'o c U a L m .c c a U m a c aU t 'm � c y• U r m Z c E w n � m � � ,' E N a. � � `m �' • � y o. m �' � E w a m °� `m a° • E w a m °� � � � E O o w a~ � c• w c° a~ a c Lu m y • W m m CO m Sc (%� mx m $ M ��'°x m "m M'� mx m "m 2� 10 < x = o •m 2� m1x x W o 5 m' (� m m m' m m m m' m m' m x d F- O `,� ' x d F- ',� • x m F- x m F- x `m F- O .° x a� F- O } } m > m > v • Y 9 m > F- °' > '� m > F- Z m .� >- m > F- v_ �F -Q.»o V u. r r Q(no i.L rH Q(»o �.u. rF- Q f»o •u. rF -Q(no .-�.. ti r"- F-Qe»o w F- O Z 0 N th N r N LL 0` r N N LL Q V co W M J \Q LU _) c) I LU Q ''Z V+ W 0 Q V 0 co W V2 W O O U 0) O v7 c(s rn c U O F- L O CD _ •o O U � Y C L (0 M E 3 .0 c N OM O U N N LO N O O � c O � U M Q LL LL N U (6 U U CU � N o c E > to 'a (n U v7 U) O O c 3 � c rn� c c U *= 0) M t LL O ca � N N T c LL C _ N N N � N cu -0 L N U N U F- > 00 O co T t,- M N T T -01 T r M 0') N T 0 0 0 M t� e m T N N M O o 0O0 LO t- I- 00 CY) N 00 00 0 M O rn > o c�a o U O O cu N N N p O LL N cu L U M T LL w O N M N I.- N M~ 4 Lo r I co d U) 00 U*) O (rj tU M T (n O CA N ti N Lo O Q O O t` M _' M Oo CD Cf) T r T 000 �� O (» 60- F- 0 N 0 W) o° CO o d o T CD 4 ° cu M tt P r CO O O M 00 00 m Li U') O ti a7 00 'IT w F- � 01) r N "t C/) T r Ln (6 V� 0_ O r LO EA O U 6rk 60- 61> O o � o 0 ° o ° — C'! 00 Lt) O N - CO N (M 0 C 'I O L ) Lt) 0) L 4) l!7 O 04 co N IL M E0- Ef? O O O° O O O p O O o Lfl — O O O T O O O 00 t(3 � (.0 � 0p O ti 0 0 L[) N N N Lo co N co r N U') 00 M i 6N� N 6 N 64 U O O O W O � ° O O O O 0 0 T O? o co O N N N N O co 00 W) L() N `- !t N T c') r LO CV U N_ Oo U) M Ln I- L T^^ 00 r M E W w V-1 6M co Ell (F? 6% (A O I 1 1 U 00 O O 0 O 0 o M T 00 00 O (TV) T' co M 00 0 O M T M N _ LO T 0) Co 00 LO � CO 0) O� 0) N 00 N_ N bO} 6S 7 N s M r 04 _M > > a) a) Q U' L}L LL L L Cl) N o Z O O 3 } LL V- LL _C C U. \° o 0) N N d N Q M r LL 00 O co T t,- M N T T -01 T r M 0') N T 0 0 0 M t� e m T N N M O o 0O0 LO t- I- 00 CY) N 00 00 0 M O rn > o c�a o U O O cu N N N p O LL N cu L U M T LL w O N M N I.- EXHIBIT E: TAX FACTORS AND TAX RATES - COMPARABLE COMMERCIAL COMMUNITIES AND CONTIGUOUS COMMUNITIES COMMUNITIES CONTIGUOUS TO LEXINGTON COMPARABLE COMMERCIAL COMMUNITIES FY2011 FY2012 FY2012 FY 2012 RESID C -1 -P C -I -P RESID C -1 -P C -1 -P MUNICIPALITY C / I / P $9,428,820,932 RATE $8.16 RATE $19.90 SHIFT 1.693 RATE $8.48 RATE $20.76 SHIFT 1.697 Cambridge Waltham $2,971,848,349 $13.09 $30.43 1750 $13.35 $31.27 1.750 Newton $2,187,090,250 $10.90 $20.89 1.748 $11.17 $21.32 1.740 Woburn $1,686,637,281 $10.30 $26.34 1.750 $10.40 $26.83 1.750 Burlington $1,650,629,718 $11.50 $30.80 1.700 $11.55 . 3.0... 95 1.672 Lexn to:n:::::::$:1:051:78 x3 0::$: 1: �t4�3 _:::$27:28:::::::::1.OQ::: $ 30.95 94 T;:: ..$.... 9 ......... : 28:4 >: .............:::.............. .$. . 1:7(� >: Wellesley $1,024,612,800 $11.43 $11.43 1.000 $11.48 $11.48 1.000 Needham $992,745,352 $10.90 $21.50 1.750 $10.95 $21.50 1.750 Watertown $941,501,782 $13.92 $25.87 1.750 $14.40 $26.64 1.750 COMMUNITIES CONTIGUOUS TO LEXINGTON FY2011 FY2012 RESID C -1 -P C -I -P RESID C -1 -P C -1 -P MUNICIPALITY RATE RATE SHIFT RATE RATE SHIFT Arlington $ 12.41 $ 12.41 1.00 $ 13.66 $ 13.66 1.000 Belmont $ 13.24 $ 13.24 1.00 $ 13.35 $ 13.35 1.000 Burlington $ 11.50 $ 30.80 1.70 $ 11.55 $ 30.95 1.672 Bedford $ 14.33 $ 31.76 1.75 $ 13.58 $ 13.58 1.750 Concord $ 13.19 $ 13.19 1.00 $ 13.58 $ 13.58 1.000 Lincoln $ 12.37 $ 16.27 1.30 $ 13.81 $ 18.17 1.300 Winchester $ 12.10 $ 11.35 N/A $ 12.55 $ 11.77 N/A Waltham $ 13.09 $ 30.43 1.75 $ 13.35 $ 31.27 1.750 N/A = not applicable 11/23/2012 ui J J `Q CO LW p Z 5� C` G O U LO N CL 0 M- _W 2 X w N d V d C'n m C) O J O C O N C O V d U) 'a L6 V O J 12 C C6 L6 <E �C 7 N N U N d d fA N d N Q N O N N d } N LL U) o U \ F- i 0 N O O )6, ; d Cn d d U) O Q> O d a v a V O V _O (6 G i O y C a a O 0. 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