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HomeMy WebLinkAbout2012-11-26-FY13-taxclasspkt1 Town of Lexington Fiscal Year 2013 Tax Classification Packet JS MORN,„„ O � 'A I• M 1•, 1 ` W T � fir} 7 4. S � APRIL Kri+ LExrxO�co� 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 MEMO 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) $669,000 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 2 EXHIBIT A: ALTERNATIVE TAX RATE SCENARIOS FOR FY2013 FY2012-FY2013 Change in Levy Limit and Values m or!��10,1; ui a uumwim���ii�h uu uir,0 ��u,��� igl Igiy (��u FY2012 Maximum $134,384,498 N/A FY2012 FY2013 %CHANGE Allowable Levy Limit Maximum Allowable Levy Limit $134,384,498 $141,552,505 5.33% Proposition 2 1/2 $3,216,567 2 39% increment Tax Levy(FY12 actual/FY13levy limit) $134,337,548 $141,552,505 5 37% New Growth Increment $3,538,485 2 63% Residential Valuation $6,974,904,000 $7,196,488,310 318%) Override $0 0 00%1 Comm/lndl/PP Valuation $1 051 783 320 $1,111,468,450 5.67% Debt Exclusion 412,495 0 31% Increment Total Valuation $8,026,687,320 $8,307,956,760 3 50% FY2013 Maximum $141 552,505 5 33% Allowable Levy Residential Tax Rate $14 97 T B D TBDI Comm/Indl/PP Tax Rate $28 45 T B D TBDI I Percentage differs because the 5.37%change is based on the FY12 actual levy and the 5 33%change is based on the FY12 levy limit C I P RESID %SHARE OF LEVY TAX LEVY TAX RATE %LEVY CHNG FY12 TO FY13 COMMENTS FACTOR FACTOR C I P RES C I P RESID C I P RESID 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% 1150 0.977 15 39% 8461°% $ 21,778,016 $ 119,774,489 $1959 $1664 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°% $ 33,140,459 $ 108 412 046 $29 82 $15 06 10 75% 3 83% FY13 MAX SHIFT 3 112320123:09 PM I EXHIBIT B• HISTORICAL LEVY SUMMARY MAXIMUM RES CIP TOTAL RESIDENTIAL CIP CIP FY LEVY VALUE VALUE VALUE %VALUE %LEVY %VALUE %LEVY FACTOR 1982 $25,840,696 $981 805 500 $260 146 400 $1 241 951 906 79 05% 72 07% 20 95% 27 93% 1 43 1983 $27 069 102 $990 919,800 $276,376,600 $1,267,296,400 78.19% 71 06% 21 81% 28 94% 1 33 1984 $28,022 798 $997 961 400 $296 494 700 $1 294 456 100 77 10% 69 73% 22.90% 30.27% 1 32 1985 $29 632 914 $1,007 078,700 $301,942,600 $1,309,021 300 76.93% 68 88% 23 07% 31 12% 1 32 1986 $31,019 098 $1 020 964 400 $317 326 500 $1 338 290 900 76 29% 68 76% 23 71% 31 24% 1 32 1987 $33 153 338 $2 235 803,100 $666,024,100 $2,901,827,200 77 05% 67.03% 22 95% 32 97% 1 44 1988 $34,836,855 $2,255 006 000 $674 748 700 $2 929 754 700 76 97% 66 81% 23 03% 33 19% 1 44 1989 $37 264 901 $2 301 575 500 $673,074,254 $2,974,649 754 77.37% 67 26% 22 63% 32 75% 1 45 1990 $40,392,000 $2,928,897 300 $843 484 600 $3 772 381 900 77 64% 66 71% 22 36% 33 29% 1.49 1991 $42 322 992 $2 620 862 100 $586 620 600 $3 207,482,700 81 71% 69.14% 18.29% 30.86% 1 69 1992 $43,474,747 $2,519,321,000 $532,077,800 $3 051 398 800 82.56% 70 86% 17 44% 29 14% 1 67 1993 $47 365 952 $2 574 645 700 $460 616 200 $3 035 261,900 84 82% 74 14% 15 18% 25.86% 1 70 1994 $48 686 562 $2 633,197,000 $420,527,200 $3,053,724,200 86.23% 76 59% 13 77% 23 41% 1 70 1995 $50,261,924 $2,801,492 000 $415 545,200 $3 217 037,200 87 08% 78 04% 12 92% 21 96% 1 70 1996 $53 185 783 $2 975 007 040 $433 858 760 $3,408,865,800 87 27% 78 36% 12.73% 21.64% 1 70 1997 $54,713,901 $3,099,278,410 $445,558,740 $3 544 837 150 87 43% 78 63% 12 57% 21 37% 1 70 1998 $56 940 636 $3 300 687 100 $494 410 360 $3 795 097 460 86 97% 77 85% 13 03% 22 15% 1 70 1999 $58 891 464 $3 523,737,000 $565,977,160 $4,089,714,160 86 16% 76 47% 13 84% 23 53% 1 70 2000 $61,263,839 $3 761 567 000 $744 710,290 $4 506 277,290 83 47% 75 21% 16 53% 24 79% 1.50 2001 $68 753 066 $4 200 706 000 $814 607,290 $5,015,313,290 83 76% 74 01% 16 24% 25 99% 1 60 2002 $72,024,765 $4,706,431,500 $911,710,050 $5 618 141 550 83 77% 73 71% 16 23% 26 29% 1 62 2003 $75 793 067 $5 186 133 750 $897 438 810 $6 083 572 560 85 25% 74 92% 14 75% 25.08% 1 70 2004 $82 109,040 $6,018,408,000 $892,768,060 $6,911,176,060 87 08% 76 75% 12 92% 23 25% 1 80 2005 $91 165 834 $6,275 351 000 $870 816 360 $7 146 167 360 87 81% 78 07% 12 19% 21 93% 1 80 2006 $94 751,711 $6 823,275,250 $862,993,280 $7,686,268,530 88 77% 80 01% 11 23% 19 99% 1 78 2007 $101,074 790 $7 135,277 500 $923 957 080 $8 059 234,580 88 54% 80 05% 11.46% 19 95% 1 74 2008 $110 222 125 $6 945,049,000 $984,115,350 $7,929,164,350 87 59% 78 90% 12 42% 21 10% 1 70 2009 $116,338,164 $6 991 353 500 $1 042,254 630 $8 033 608 130 87 03% 77 95% 12 97% 22 05% 1 70 2010 $121 725 000 $6 896 447 750 $995 142,860 $7,891,590,610 87 39% 77 72% 12.61% 22 28% 1 70 2011 $127 955,723 $6,953,985,750 $1,019,733,440 $7 973 719 190 87 21% 77 59% 12 79% 22.41% 1 70 2012 $134 337 548 $6 974 904 000 $1 051 783 320 $8 026 687 320 86 90% 77 72% 13 10% 22.28% 1.70 2013 $141 552 505 $7 196 488 310 $1 111 468 450 $8,307,956,760 86 62% T6D` 13 38% TBD` i TBD 'Allocation of Tax Levy -■-Residential Value as%of Total Value - -Residential Share of Tax Levy CIP as%of Total Value 'CIP Share of Tax Levy' 100.00% 90.00% 80.00% ■--..�_ .�—�-- ■ L .__,° 70.00% 0—__ ._- __- -..&._-.-4*..__ ..._ 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 4 11/23/2012 EXHIBIT C: HISTORY OF AVERAGE SINGLE FAMILY HOME AND TAX BURDEN - FY1992 TO PRESENT SINGLE FAMILY NUMBER OF AVERAGE 1 PERCENT Fiscal DWELLING SINGLE FAMILY SFD PERCENT AVERAGE INCREASE CIP TOTAL Year VALUATION DWELLINGS A/V INCREASE A/V TAX RATE TAXES TAXES FACTOR (Taxable RE&PP) 1992 $2,268,576,000 8,682 $261,296 N/A $12 23 $3,195 66 N/A 1 67 $3 051,398,800 1993 $2,324,384,000 8,715 $266,711 2 07% $13 64 $3,637 93 13 84% 1 70 $3,035,261,900 1994 $2,386,608 000 8,734 $273,255 2 45% $14 16 $3,869 29 6 36% 1 70 $3,053,724,200 1995 $2,535,745,000 8,752 $289,733 6 03% $14 00 $4,056 26 4 83% 1 70 $3,217,037 200 1996 $2,681,040,000 8,758 $306,125 5 66% $14 01 $4,288 81 5 73% 1 70 $3,408,865,800 1997 $2,791,978,000 8,775 $318,174 3 94% $13 88 $4,416 26 2 97% 1 70 $3,544,837,150 1998 $2,975,012,000 8,798 $338,146 6 28% $13 43 $4,541 31 2 83% 1 70 $3,795,097,460 1999 $3,171,199,000 8,810 $359,954 6 45% $12 79 $4,603 82 1 38% 1 70 $4,089,714,160 2000 $3,376,143,000 8,821 $382,739 6 33% $12 25 $4,688 56 1 84% 1 50 $4,506,277,290 2001 $3,777,857,000 8,840 $427,359 11 66% $12 11 $5,175 32 10 38% 1 60 $5,015,313,290 2002 $4,225,339,000 8,845 $477,709 11 78% $11 28 $5,388 56 4 12% 1 62 $5,618,141,550 2003 $4,693,071,000 8,898 $527,430 10 41% $10 95 $5,775 36 7 18% 1 70 $6,083,572,560 2004 $5,456,206,000 8,887 $613,954 16 40% $10 47 $6 428.09 11 30% 1 80 $6,911,176,060 2005 $5,687,532,000 8,899 $639,120 4 10% $11 34 $7,247 62 12 75% 1 80 $7 146 167 360 2006 $6,206,172,000 8,910 $696,540 8 98% $11 11 $7,738 56 6 77% 1 78 $7,686,268,530 2007 $6,499,630,000 8,917 $728,903 4 65% $11 34 $8,265 76 6 81% 1 74 $8,059,234,580 2008 $6,262,572,000 8,922 $701,925 -3 70% $12 52 $8,788.10 6 32% 1 70 $7,929,164,350 2009 $6,274,760,000 8,934 $702,346 0 06% $12 97 $9,109 43 3 66% 1 70 $8,033,608,130 2010 $6,184,505,000 8,944 $691,470 -1 55% $13 86 $9,583 77 5 21% 1 70 $7,891,590,610 2011 $6,234,563,000 8,949 $696,677 0 75% $14 40 $10,032 15 4 68% 1 70 $7,973,719,190 2012 $6,251,243,000 8,963 $697,450 0 11% $14 97 $10,440 82 4 07% 1 70 $8,026,687,330 2013 1 $6,441,950,000 8,978 $717,526 2 88% TBD TBD TBD TBD $8,307,956,760 1 FY2013 value is inclusive of new growth 5 11/23/2012 EXHIBIT D TOWN OF LEXINGTON -Tax Rate Shift Options & Property Comparisons (FY2013 Values are net of new growth) J RESIDENTIAL (Does not include condos,ants 2-3 family etc) ■CIIkLBt iyaulat 1it4/14jr uu6iki iaffMti FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY'13 Estm Average Dwelling Assessed $697 000 $708,711 $708,711 $708,711 $708,711 $708 711 $708 711 $708 711 $708 711 $708 711 $708 711 $708,711 Tax Burden Shift Factor 1 70 1 65 1 66 1 67 1 68 1 69 1 70 1 71 1 72 1 73 1 74 1 75 Tax Rate(per$1,000 of Ass'd value) $14.97 $15.33 $15.30 $15.28 $15.25 $15.22 $15.20 $15 17 $15 14 $15 12 $15.09 $15 06 Average Tax Bill(based on Avg Ass'd) $10 434 $10 863 $10 844 $10 826 $10 807 $10 788 $10,770 $10,751 $10 732 $10 714 $10 695 $10 676 $Tax differential between FY12-FY13 N/A $429 $410 $392 $373 $354 $336 $317 $298 $280 $261 $242 %Tax differential between FY12-FY13 N/A 4 11% 3 93% 3.75% 3.57% 3.40% 3.22% 3.04% 2.86% 2.68% 2.50% 2 32% 2012 2013 COMMERCIAL Actual no Growth (Office(non-Lab/Med)>30,000 sqft GBA) .NEE ULU£ h ,Iii i 2i1, , FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY'13 Estm.@$118/sf Avg Prpty Ass'd $12,070,000 $11 356 167 $11 356 167 $11 356 167 $11 356 167 $11 356 167 $11 356 167 $11 356 167 $11 356 167 $11,356,167 $11,356,167 $11,356,167 Tax Burden Shift Factor 1 70 1 65 1 66 1 67 1 68 1 69 1 70 1.71 1 72 1.73 1 74 1 75 Tax Rate(per$1 000 of Ass'd value) $28.45 $28 11 $28.28 $28.45 $28.62 $28.79 $28 96 $29 14 $29 31 $29.48 $29.65 $29.82 Average Tax Bill(based on Avg Ass'd) $343 392 $319,256 $321 191 $323 126 $325 061 $326 996 $328,930 $330,865 $332,800 $334,735 $336,670 $338 605 $Tax differential between FY12 FY13 N/A $24 136 $22,201 $20,266 -$18,331 -$16 396 $14,461 $12,526 $10,591 $8,656 $6 722 $4 787 %Tax differential between FY12 FY13 N/A -7 03% -6 47% 5 90% -5.34% -4 77% -4.21% 3.65% 3.08% -2 52% 1 96% -1 39% (Office(non-Lab/Med)10,000>,c30,000 sgff GBA) 1�L:4,u ULU g-J1i viiia LIE FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY'13-Estm @$130/sf Avg Prpty Ass'd $1 905 000 $1 822 000 $1 822,000 $1 822 000 $1 822 000 $1 822,000 $1,822,000 $1,822,000 $1,822,000 $1 822 000 $1 822 000 $1 822 000 Tax Burden Shift Factor 1 70 1 65 1 66 1 67 1 68 1 69 1 70 1 71 1 72 1 73 1 74 1 75 Tax Rate(per$1,000 of Ass'd value) $28.45 $28 11 $28.28 $28.45 $28 62 $28 79 $28 96 $29 14 $29.31 $29.48 $29.65 $29.82 Average Tax Bill(based on Avg Ass'd) $54 197 $51 222 $51 532 $51 843 $52 153 $52,464 $52 774 $53 085 $53,395 $53 705 $54 016 $54 326 $Tax differential between FY12 FY13 N/A $2 975 -$2,665 $2,354 -$2,044 $1,734 $1,423 $1,113 $802 $492 $181 $129 %Tax differential between FY12-FY13 N/A -5.49% -4.92% -4.34% 3 77% 3.20% 2.63% -2.05% 1 48% 0 91% -0.33% 0.24% (Retail Restaurants &Banks w/offices up/down stairs) i JuWLUV WL&Min.lfii a AGI FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY'13 Estm.@$217/sf Avg Prpty Ass'd $2,008,000 $1 965 000 $1 965 000 $1 965 000 $1 965 000 $1 965 000 $1 965 000 $1 965 000 $1 965,000 $1 965,000 $1,965,000 $1,965,000 Tax Burden Shift Factor 1 70 1 65 1 66 1 67 1 68 1 69 1 70 1 71 1 72 1 73 1 74 1 75 Tax Rate(per$1 000 of Ass'd value) $28.45 $28 11 $28.28 $28.45 $28.62 $28 79 $28.96 $29.14 $29.31 $29 48 $29 65 $29 82 Average Tax Bill(based on Avg Ass'd) $57 128 $55,242 $55,577 $55 912 $56,246 $56,581 $56,916 $57 251 $57 586 $57 920 $58,255 $58,590 $Tax differential between FY12-FY13 N/A -$1,886 $1,551 $1,216 $881 $546 $212 $123 $458 $793 $1 128 $1 462 %Tax differential between FY12 FY13 N/A 3.30% -2 71% 2 13% 1.54% 0.96% -0.37% 0.22% 0.80% 1 39% 1 97% 2 56% (Retail Condos am not included) OFFICE CONDO(#=196) FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY'13 Estm @$200/sf;Avg Prpty Ass'd $150,000 $150,000 $150,000 $150 000 $150 000 $150 000 $150 000 $150 000 $150 000 $150,000 $150 000 $150,000 Tax Burden Shift Factor 1 70 1 65 1 66 1 67 1 68 1 69 1 70 1 71 1 72 1 73 1.74 1 75 Tax Rate(per$1 000 of Ass'd value) $28.45 $28 11 $28.28 $28.45 $28.62 $28 79 $28.96 $29.14 $29 31 $29 48 $29.65 $29.82 Average Tax Bill(based on Avg Ass'd) $4,268 $4,217 $4,243 $4,268 $4,294 $4 319 $4,345 $4,370 $4 396 $4,421 $4,447 $4,473 $Tax differential between FY12 FY13 N/A $51 $25 $1 $26 $52 $77 $103 $128 $154 $179 $205 %Tax differential between FY12 FY13 N/A 1 18% 0.59% 0 01% 0.61% 1 21% 1 81% 2.41% 3.01% 3.61% 4.21% 4.80% INDUSTRIAL (Laboratory/Medical/Biological Use is Primary) LAB/OFFICE COMBO FY 2012 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY 2013 FY'13-Estm @$XXX/sf Avg Prpty Ass'd TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD Tax Burden Shift Factor TBD TBD TED TED TBD TBD TBD TBD TBD TBD TBD TBD Tax Rate(per$1,000 of Ass'd value) TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD Average Tax Bill(based on Avg Ass'd) TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TED $Tax differential between FY12 FY13 TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD %Tax differential between FY12-FY13 TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD NOTE Staff is in the process of reviewing the presentation for LAB/OFFICE COMBO 6 11/23/2012 EXHIBIT D-1 : CHANGES IN ASSESSED VALUES BY CLASS: FY2012 TO FY2013 This chart is intended to show the change in assessed value by class FY13 values are shown with and without new growth The change in assessed values between FY12 and FY13 without new growth is a more accurate depiction of the change in market conditions Personal Residential ( R ) Commerce C ) Industrial (II Property (P) C-I-P Subtotal Total Assessed FY 12 Assessed Value $6,974,904,000 $631,283,000 $235,063,000 $185,437,320 $1,051,783,320 $8,026,687,320 FY 13 Assessed Value $7,196,488,310 $638,855,290 $282,519,000 $190,094,160 $1,111,468,450 $8,307,956,760 1$ increase $221,584,310 $7,572,290 $47,456,000 $4,656,840 $59,685,130 $281,269,440 % increase 3 18% 1 20% 20 19% 2 51% 5 67% 3 50% FY 13 New Growth $93,527,000 $21,324,200 $24,277,000 $29,577,940 $75,179,140 $168,706,140 (from LA 13) FY13 Assessed Value w/o New Gwth $7,102,961,310 $617,531,090 $258,242,000 $160,516,220 $1,036,289,310 $8,139,250,620 $ Inc/decr over FY 12 $128,057,310 -$13,751,910 $23,179,000 -$24,921,100 -$15,494,010 $112,563,300 % inc/decr over FY 12 1 84% -2 18% 9 86% -13 44% -1 47% 1 40% FY 12 share of total value 86 90% 7 86% 2 93% 2 31% 13 10% FY 13 share of total value w/o growth 87 27% 7 59% 3 17% 1 97% 12 73% Change 0 37% -0 28% 0 24% -0.34% -0 37% 7 11/23/2012 EXHIBIT E: TAX FACTORS AND TAX RATES - COMPARABLE COMMERCIAL COMMUNITIES AND CONTIGUOUS COMMUNITIES COMPARABLE COMMERCIAL COMMUNITIES FY2011 FY2012 FY 2012 RESID C-I-P C-I-P RESID C-I-P C-I-P MUNICIPALITY C/I/P RATE RATE SHIFT RATE RATE SHIFT Cambridge $9,428,820,932 $8 16 $19 90 1 693 $8 48 $20 76 1 697 Waltham $2,971,848,349 $13 09 $30 43 1 750 $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 $30 95 1 672 Lexington $1,051;788x320 $14.40 $27 28 . 1;700 :$14,$7 $28 45 1 700 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-I-P C-I-P RESID C-I-P C-I-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 8 11/23/2012 EXHIBIT F: TOP 25 COMMUNITIES BY TOTAL ASSESSED VALUE Division of Local Services Municipal Databank/Local Aid Section Fiscal Year 2012 Assessed Values by Class R&O as CIP as %of %of Fiscal, Residential Open Space Commercial Industrial Personal Comm/Indl/Pers"Total Assessed Total Total Municipality' Year Value Value Value Value Property Value (C/I/P) Value Value Value 1 Boston 2012 $57,517,785,218 $0 $25,790,869 236 $675,290,093 $4,516,465,740 $30,982,625,069 $88,500,410,287 65 35 2 Cambridge 2012 $15,018,134,067 $0 $5,492,364,037 $2,985,476,645 $950,980,250 $9,428,820,932 $24,446,954,999 61 4 38 6 3 Newton 2012 $18,276,909,150 $0 $1,699,625,550 $151,446,800 $336,017,900 $2,187,090,250 $20,463,999,400 89 3 10 7 4 Nantucket 2012 $15,502,597,155 $21,974 500 $1,056,502,692 $53,625,153 $209,470,691 $1,319,598,536 $16,844,170,191 92 2 7 8 5 Brookline 2012 $13,824,754,700 $0 $1,246,068,700 $14,135,000 $179,205,020 $1,439,408,720 $15,264,163,420 906 94 6 Barnstable 2012 $11,343,180,287 $0 $1,205,426,293 $79,571,600 $196,937,290 $1,481,935,183 $12,825,115,470 88.4 11 6 7 Worcester 2012 $8,157,508,825 $0 $1,960,765,913 $567,013,065 $592,328,500 $3,120,107,478 $11,277,616,303 72 3 27 7 8 Quincy 2012 $8,739,836,378 $0 $1,510,157,822 $86,469,100 $272,370,260 $1,868,997,182 $10,608,833,560 824 176 9 Falmouth 2012 $9,758,565,141 $3,314,900 $568,619,409 $70,768,200 $178,594,045 $817,981,654 $10,579,861,695 92 3 7 7 10 Wellesley 2012 $8,125,029,000 $0 $921,119,000 $7,110,000 $96,383,800 $1 024,612,800 $9,149,641,800 88 8 11 2 11 Plymouth 2012 $6,863,843,938 $0 $809,775,342 $877,775,400 $274,665,435 $1,962,216,177 $8,826,060,115 77 8 22 2 12 Waltham 2012 $5,650,931,885 $0 $2 024 520,793 $469,845,956 $297,481,600 $2,791,848,349 $8,442,780,234 66 9 33 1 13 Somerville 2012 $7,099,067,112 $0 $836,954,788 $276,018,500 $178,531,790 $1,291,505,078 $8,390,572,190 84 6 15 4 14 Lexington 2012 $6,974,904,000 $0 :r :c' " .:i, 1 - c c ^ • 15 Needham 2012 $6,840,404,198 $0 $710,846,482 $121,241 400 $160,657,470 $992,745,352 $7,833,149,550 87 3 12 7 16 Framingham 2012 $5,816,343,243 $0 $1,215,435,396 $249,626,900 $248,330,938 $1,713,393,234 $7,529,736,477 77 2 22 8 17 Arlington 2012 $6,534,177,068 $0 $297,247,489 $20,969,800 $102,400,210 $420,617,499 $6,954,794,567 94 6 18 Andover 2012 $5,440,621,421 $8,010,900 $547 695,778 $578,692,200 $223,484,947 $1,349,872,925 $6,798,505,246 80 1 19 9 19 Springfield 2012 $5,038,856,200 $0 $1,009,971,300 $166,822,500 $560,357,950 $1,737,151,750 $6,776,007,950 744 256 20 Edgartown 2012 $6,184,712,544 $0 $376,546,866 $3,776,600 $101,501,985 $481,825,451 $6,666,537,995 92 8 7 2 21 Medford 2012 $5 581 478,578 $0 $624,804,322 $92,612,400 $119,860,340 $837,277,062 $6,418,755,640 87 13 22 Natick 2012 $4,763,038,360 $0 $1,283,119 666 $56,556,900 $112,620,660 $1,452,297,226 $6,215,335,586 76 6 23 4 23 Lowell 2012 $5,005,755,943 $0 $526,777,643 $361,507,592 $201 067 340 $1,089,352,575 $6,095,108,518 82 1 17 9 24 Peabody 2012 $4,627,895,890 $0 $1,064,280,518 $245,190,900 $123,739,630 $1,433,211,048 $6,061,106,938 764 236 25 Weymouth 2012 $5,044,058,859 $0 $530,571,021 $300,494,700 $130,930,060 $961,995,781 $6,006,054,640 84 0 16 0 9 11/23/2012 EXHIBIT G: TAX FACTORS and TAX RATES FOR Aaa RATED COMMUNITIES 2010* 2007* 2009* 1999* MASSACHUSETTS BOND FY12 TAX FY12 TAX FY12 RESID% C-I-P% RESID POP AREA DENSITY PER MUNICIPALITY RATING RATE RATE SHIFT OF TOTAL OF TOTAL EXEMPTN ULA SQ PER SQ CAPITA (Moody's) RESID C-I-P FACTOR VALUE VALUE ADOPTED TION MILES MILE INCOME LEXINGTON Aaa 1 14 971 28 451 1 70 86 90% 13 10% NO 31,394 16 4 1,886 $46,119 (Ratings Data provided by DOR as of 11/9/12) ACTON Aaa 18 55 18 55 1 00 87 50% 12 50% NO 21,924 20 3 1,063 $41,901 B:EDi=OI D ,4a1 15 21 33:21 1 75: 79:00% 21 00% NO 13,.320 13:9 '1;005 $.39;212 BELMONT Aaa 13 35 13 35 1 00 94 00% 6 00% NO 24,729 4 7 5,080 $42,485 BOSTON Aaa 13 04 31 92 1 75 65 00% 35 00% YES 617,594 45 4 13,322 $23,353 BROOKLINE Aaa 11 40 18 58 1 73 90 60% 9 40% YES 58,732 6 8 8,307 $44,327 CAMBRIDGE Aaa 8 48 20 76 1 70 61 40% 38 60% YES 105,162 6 4 16,917 $31,156 CONCORD Aaa 13 58 13 58 1 00 90 70% 9 30% NO 17,668 25 8 705 $51,477 DOVER Aaa 11 92 11 92 1 00 97 40% 2 60% NO 5,589 15 3 373 $64,899 HINGHAM Aaa 11 89 11 89 1 00 87 20% 12 80% NO 22,157 25 0 1,036 $41,703 NEWTON Aaa 11 17 21 32 1 74 89 30% 10 70% NO 85,146 18 1 4,687 $45,708 WAYLAND Aaa 19 01 19 01 1 00 94 80% 5 20% NO 12,994 15 9 887 $52,717 WELLESLEY Aaa 11 48 11 48 1 00 88 80% 11 20% NO 27,982 10 5 2,693 $52,866 WESTON Aaa 12 11 12 11 1 00 95 20% 4 80% NO 11,261 17 3 702 $79,640 WINCHESTER Aaa 12 55 11 77 NA 94 60% 5 40% NO 21,374 6 3 3,559 $50,414 * Statistics unchanged from US Census Bureau 10 11/23/2012 EXHIBIT H: RESIDENTIAL EXEMPTION: FY2013 PROPERTY IMPACT ANALYSIS (a) (b) (c) (d) (e) (f) (g) (h) (i) ASSESSED ACTUAL ACTUAL NEW NEW NEW $Change %Change I RESIDENTIAL EXEMPTION VALUE TAX RATE TAXES Exemption A/V TAX RATE TAXES (g-c) (h/c) WORKSHEET FISCAL YEAR 2013 INFORMATION $5,000 $0 01497 $75 $0 $5 000 $0 01848 $92 $18 23 44% TOTAL RESIDENTIAL VALUE $7,196,488,310 $25 000 $0 01497 $374 $0 $25,000 $0 01848 $462 $88 23 44% TOTAL#RESID PARCELS 10,757 $50,000 $0 01497 $749 $0 $50,000 $0 01848 $924 $175 23 44% AVG RESIDENTIAL PARCEL $669,000 $100,000 $0 01497 $1 497 $0 $100,000 $0 01848 $1,848 $351 23 44% EXEMPTION @ 20% 20% $300,000 $0 01497 $4 491 $134,000 $166,000 $0 01848 $3,067 -$1 424 -31 70% EXEMPTION $AMOUNT $133 800 $400,000 $0 01497 $5 988 $134,000 $266,000 $0 01848 $4,915 -$1 073 -17 91% $$AMOUNT ROUNDED $134 000 $500,000 $0 01497 $7,485 $134 000 $366,000 $0 01848 $6,763 -$722 -9 64% ESTIMATED#EXEMPTIONS 9,500 $600,000 $0 01497 $8,982 $134 000 $466,000 $0 01848 $8,611 -$371 -4 13% TOTAL RESID EXEMPT VALUE $1,273,000,000 $650,000 $0 01497 $9,731 $134,000 $516,000 $0 01848 $9,535 -$195 -2 01% PRELIMINARY RESID RATE(FY201; $15 21 $700,000 $0 01497 $10,479 $134,000 $566,000 $0 01848 $10,459 -$20 -0 19% TOTAL RESID REVENUE $109,458,587 ;,;: $705,600 . ,.$001497 $10,563 ,, .;$134,000>-`;`' $571,600 = $0.01848 ,;' $1.0;662 $0; " `; 0.00% $800,000 $0 01497 $11,976 $134,000 $666 000 $0 01848 $12,307 $331 2 76% NEW RESID ASSESSED VALUE $5,923,488,310 $900 000 $0 01497 $13,473 $134,000 $766,000 $0 01848 $14,155 $682 5 06% NEW RESID RATE $18 48 $1,000,000 $0 01497 $14 970 $134,000 $866,000 $0 01848 $16,003 $1 033 6 90% $1,100,000 $0 01497 $16,467 $134 000 $966,000 $0 01848 $17,850 $1,383 8 40% $1,250,000 $0 01497 $18,713 $134,000 $1 116 000 $0 01848 $20,622 $1,910 10 21% $1 500 000 $0 01497 $22,455 $134,000 $1,366,000 $0 01848 $25,242 $2,787 12 41% $1,750 000 $0 01497 $26,198 $134,000 $1,616,000 $0 01848 $29,862 $3,664 13 99% $2,000,000 $0.01497 $29,940 $134,000 $1,866,000 $0 01848 $34,481 $4,541 15 17% $2,500,000 $0 01497 $37,425 $134,000 $2,366,000 $0 01848 $43 721 $6,296 16 82% $3,000,000 $0 01497 $44 910 $134,000 $2,866,000 $0 01848 $52,960 $8 050 17 92% $5,000,000 $0 01497 $74,850 $134,000 $4,866,000 $0 01848 $89,918 $15 068 20 13% $10,000,000 $0 01497 $149,700 $0 $10,000,000 $0 01848 $184,787 $35,087 23 44% $20,000,000 $0 01497 $299,400 $0 $20,000,000 $0 01848 $369,575 $70,175 23 44% $30 000,000 $0 01497 $449,100 $0 $30,000 000 $0 01848 $554,362 $105,262 23 44% NON-OWNER OCCUPIED PROPERTIES WILL HAVE A 17 69% INCREASE IN TAXES * BREAKEVEN ASSESSED VALUE,NO TAX IMPACT- 11 11/23/2012