HomeMy WebLinkAbout2006-01-23-TDES-min RECEIVED
5 J u in, 5
TOWN CLERK
1-23-06 LEXINGTON MA
To Carl Valente:
As we discussed, the Selectman's Tax Deferral and Exemption Study Committee is
considering the option of increasing the exemption amount to $1,000.
The current level is $750 plus this year's COLA.
Here's the picture:
48 seniors qualified in 2005
x $750 exemption = $36,000 in exemptions
State re-imbursement is capped at $29,500. (no matter what the exempted amount
is nor how many seniors qualify)
Net cost to town last year = $6,500. less an amount under $1,000 freed up by
people who qualified only for lesser exemptions who became newly qualified for the
the 41 C exemption when we broadened the qualifications in 2004.
On Wednesday night, my committee is planning to vote on whether to propose a
41 C exemption increase to $1,000.
We would lil<e your input regarding the advisablility of doing this from a
budget/overlay account perspective.
Thanl<s,
Vicl<i Blier
781-862- 1804
This summary of other Senior Property Tax laws that can benefit Lexington residents
might be added to our report.
Vicki