2016-TDES-rpt - Laserfiche WebLink

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RECEIVED TOWN CLERK 2016 TAX DEFERRAL AND EXEMPTION STUDY COMMITTEE LEXINGTON MA ROLE: To study, understand, and evaluate options for helping lower-income citizens, particularly seniors, with their property taxes. To research existing state legislation that enables local tax exemptions and deferrals, estimate the probable cost to the Town budget, and advise the Selectmen on the costs and benefits, pros and cons of each option. To track legislation currently under development by the Commonwealth and to encourage legislation beneficial to town interests. APPOINTED by the Board of Selectmen: Co-Chairs Vicki Blier and Patricia Costello, Alan Seferian, Mary Haskell. Board Liaison, Norman Cohen. Appropriations Committee Liaison, John Bartenstein. Staff Liaison, Rob Addelson. HIGHLIGHTS: • Continued to follow legislation pertaining to tax exemptions and deferrals • Joined with the Property Tax Relief Committee of the Massachusetts Council on Aging to follow tax exemptions and deferrals offered by other communities and emerging at the state level • Assisted the Assessor's Office in updating the Property Tax Relief Programs brochure with current information on the Massachusetts Circuit Breaker tax credit and the Federal Reserve interest rate to be used for deferrals • Worked with members of the Appropriation Committee in an analysis of the FY2016 property revaluations to determine whether there was a disproportionate increase in the assessments of Lexington's less expensive properties • The committee continues to do research and to participate in discussions with town officials to maintain eligibility standards for the Town's deferral program that are both fiscally prudent and beneficial to deserving property owners. A Selectman's motion to raise the eligibility standard to households with incomes of up to $70,000 was approved by the Spring 2016 Town Meeting for the FY2017 property tax year.