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HomeMy WebLinkAbout2013-02-12-TDES-min RECEIVED 0000 00 Ju1, 3 00 I� ui °m TOWN CLERK Minutes LEXINGTON MA Selectmen's Tax Exemption and Deferral Study Committee 2/12/3013 5:30 pm The Legion Room Attending: Pat Costello, co-chair Vicki Blier, co-chair Alan Seferian Mary Haskell John Bartenstein Norm Cohen Rob Addelson We discussed raising the income limit for 41A Tax Deferrals for this year's Town Meeting. Interest was expressed in raising the limit to at least account for increases in Social Security so as not to lose people who currently qualify. It was proposed that generous deferrals may be a means to slowing the increase in school age children that occurs when an elderly person's property turns over to a young family. Mary will research income limits, interest rates, age, and house value data from neighboring and comparable towns' deferral programs to see where Lexington stands relative to other communities. We discussed exemptions, including 41 C, 41 C'/z, and 18A Previous calculations of the 41 C'/z benefit gave the impression that it would provide a benefit to greater numbers of seniors, but the benefit would be smaller. Alan will look at the 2011 IGR and make the 41 C'/z calculation for future discussion. Alan will also research the income, home value and age limits on exemptions in neighboring and comparable towns. He will attempt to see if a correlation between generosity of terms and utilization rates can be determined. (The same study could be done regarding deferral limits). Making changes to exemptions is not possible under this year's warrant article. Vicki will gather historic utilization data for exemptions and deferrals. We discussed Sudbury's new law which provides exemptions to seniors by increasing the taxes of non-senior residents. Pat noted that we will be watching this program to see how it develops. Our next meeting is on March 5,at 8:30 am. Our warrant article: GENERAL ARTICLES ARTICLE 26 ESTABLISH QUALIFICATIONS FOR TAX DEFERRALS To see if the Town will vote to adjust the current eligibility limits for property tax deferrals under Clause 41A of Section 5 of Chapter 59 of the Massachusetts General Laws as authorized by Chapter 190 of the Acts of 2008; or act in any other manner in relation thereto. (Inserted by the Board of Selectmen) DESCRIPTION: Chapter 190 of the Acts of 2008 allows the Town Meeting, with the approval of the Board of Selectmen, to make adjustments to the current deferral eligibility limits.