1991-12-BOS-min - Laserfiche WebLink

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Omm i SELECTMEN'S MEETING December 9, 1991 A regular meeting of the Board of Selectmen was held on Monday, December 9, 1991, in the Selectmen's Meeting Room, Town Office Building, at 7:30 p.m. Chairman Smith, Mr. Marshall, Mr. Eddison, Mr. McSweeney; Mr. White, Town Manager; Mr. Cohen, Town Counsel; Ms. Radway, Asst. Town Manager; Mrs. Snow, Executive Clerk, were present. Mr. Dailey arrived later in the meeting. PUBLIC HEARING TAX RATE CLASSIFICATION FY92 Mrs. Smith opened a Public Hearing on the issue of determining a residential factor in assessing the percentage of tax burden to be borne by each class of property for fiscal year 1992. Town Assessor Harald Scheid and members of the Board of Assessors, Robert Leone, Chairman, and Sara Robinson, were present. Mr. Leone reported that the revaluation of property process has been completed and had shown a reduction in values of residential properties of 5%, and of commercial /industrial property averaging 16%e This results in a decline in values of $155 ■ D83, 94q. for the approximately 11,000 parcels in the Town. Background information for tax rate options, showing Residential and Non - Residential Factors, Rates, percentages of Change and Tax. Impacts was presented and reviewed by Mr. Leone prior to a question and answer period. Resident Richard Bram, Commercial property owner in Lexington and Newton, pointed out that those two municipalities are the only two in Massachusetts retaining split residential and commercial tax rates. He noted the vacancies now evident in retail and office buildings in Town and the critical financial situation facing commercial property owners. He urged the Board not to pass the heavy tax load to them. Lewis Aronin said that many homeowners are also in f inanc ial distress and that some had been faced with lay -offs. He sympathized with business people but hoped that residents would not be further burdened with a higher proportion of taxes. Mr. Dailey joined the meeting at that time. William Ledge, representing Boston Properties, noted the 20% decrease in value of commercial buildings and joined Mr. Bram in protesting a heavier burden for non-- residential property. Mrs. Traficante, 16 Fairbanks Road, felt that raising taxes in either category should not be considered by the Board. Mrs. Smith noted that decision on classification rates must be made that night. There being no further comment or questions from the audience, the hearing was declared closed. Mr. Marshall referred to efforts by the Board in the past to keep the tax split levels for residential and non- residential at the same ratio each year but saw the need to be concerned that very much higher taxes on non-residential property would lead to even greater commercial value decreases and erosion of the assessment base.