1994-12-BOS-min - Laserfiche WebLink

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60-°132 Selectmen's Meeting December 5, 1994 A regular meeting of the Board of Selectmen was held on Monday, December 5, 1994 in the SelectrneWs Meeting Room, Town office Building at 7:30 p.m.. Chairman Dailey, Mr. McSweeney, Mr. Busa, Mr. Fenn, Mrs. Eddison; Mr. Cohen, Town Counsel; Mr. white, Town Manager; and Ms. Smith, Executive Clerk were present. Classification Hearin Mr. Malley read the public notice published in the Lexington Minuteman on November 23, 1994. The Board of Selectmen and the Board of Assessors will hold a Public Hearing and information session to review the property tax classification options available under Massachusetts General Laws, Chapter 40, Section 56, and to select a residential factor, after which the Board of Assessors will set a tax rate for residential, commercial and industrial properties. The current residential tax rate is $14.16/$1,000 and the current commercial /industrial property tax rate is $27.11/$1,000. Bill Jackson, .Chairman of the Board -of Assessors, introduced other members of the Board of Assessors, Bob Foster and Sara Robinson and Joe Nugent Acting Assessor. Mr. Jackson explained that there are five key points that he will cover from the Summary of r 3 Data sheet. First, the property tax levy will increase in FY95 by 3.209% from $48,704,935 to $50,267,723. Second, commercial property values are stabilizing; however, the current G /J/P total valuation is at 50% of the value it was in 1990 ($415 million versus $843 million). Third, residential total valuation is up 6.391% to $2.8 billion; the highest valuation since 1990. Fourth, the C /I/P factor has been relatively stable for four years (1.69, 1.67, 1.70 and 1.70 for FY 1991 through FY 1994). Fifth, the tax impact of a 1.70 factor would be an increase of 4.04% for residential properties and a decrease of 3.39% for C /I/P properties. Mr. Jackson reviewed a six year history of assessment and tax rate information and the options the Board have and indicated it was the recommendation of the Board of Assessors to hold the C /11P factor as it currently is at 1.700, which would mean a residential tax rate increase of 4.04% and a C /I/P tax rate decrease of 3.39%. Upon motion duly made and seconded, it was voted unanimously to keep the C /I/P classification factor at 1.700.