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RECEIVED TOWN CLERK LEXINGTON MA 2020 TAX DEFERRAL AND EXEMPTION STUDY COMMITTEE REPORT ROLE: The Tax Deferral and Exemption Committee is charged to review and recommend to the Select Board options for the deferral or exemption of local property taxes under existing state law, or by home rule petition for a special act of the state legislature, that might enhance or make accessible the property tax relief currently available to elderly, low-income, disabled or otherwise deserving residents. APPOINTED by the Select Board: Co-Chairs Vicki Blier and Patricia Costello, Richard Bair, Jane Current, Pam Joshi. Board Liaison, Joe Pato. Appropriations Committee Liaison, John Bartenstein. Staff Liaison, Carolyn Kosnoff. HIGHLIGHTS: • Created an insert promoting Lexington's Senior Property Tax Deferral program which was included with first quarter real estate tax bills. • Created posters to publicize the Senior Property Tax Deferral program and posted them in prominent public locations throughout Lexington. • Sent a packet of posters and sample newsletter announcements to all local religious institutions with a request for their assistance in reaching congregants who might benefit from the Property Tax Deferral Program. • Publicized the Property Tax Deferral program in the January-February and March-April issues of"Sage," the Senior newsletter. • Forty-two property tax deferrals were approved for FY2020 with the income limit at $75,000 and an interest rate of 2.55%. • 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 $90,000 was approved by the Spring 2020 Town Meeting for the FY2021 property tax year. • The Select Board was authorized by Spring 2020 Town Meeting to petition the Massachusetts General Court for special legislation to allow interest on property tax deferrals granted by the Town of Lexington to accrue at the rate provided at the time of deferral for up to one year after the death of the person whose taxes have been deferred before the interest rate increases to the state mandated 16%. • 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. • Joined with the Property Tax Relief Committee of the Massachusetts Council on Aging (MCOA) to follow property tax exemptions and deferral legislation and programs offered by other communities.