HomeMy WebLinkAbout1961-12-19-CEC-min.pdf December 19, 1961
Meeting of Capital Expenditures Committee with Board of Assessors
Presens: C.E.C. — D. Noyes, R. Longley, It, Souza
Assessors — Mr. Cass, Chairman; Mr. Burnham; Mr. Connell.
Mr, Cronin, Clerk. and asst. Assessor
Reassessment will be completed this spring. 1962 tax bills will be on
the basis Of this reassessment. Assessors cannot predict its effects.
Effect of court baling, about 100% valuation on Lexington
Lexington's assessments are on the borne basis for all types of property;
there is not a different rate for commercial and various types of residential
property as there was in the case ei Springfield. The assessors do use
a value of about 50% of market value, however. They have not decided
whether to continue ttiis practice (considering this a'consexvative' estimate
of market value) or to change to 100% of present market value.
Changan; to 100% would mean that, if everything else remained constant, snail
the tax rate would be apsroximately half the present rate and each tax
bill wodld be about the same, with the following exceptions;
Widows who receive a $2,000 exemption and
Veterans (about 500) who receive . 2,000 exemption — new pay $$14G
isasx Tr13F_K ','15atiVIANKR076/$1,000 x 2) less than the. normal
tax on their property.. They would then pay 036.5401,000 x 2) or
$73 less than the norm ,1 tax. Net gain to Town of approx. $50,000.
Public Utilities are presumably already assessed at W100% ,. The
state submits to each town a list showing value of public utility
property in the town; the assesoors do not have the right to change
them. Since they are already at 1001:S, the assessment would remain
the same and the taxes paid by public utilities would be reduced
to about half the amount now paid. Net loss to Town — $210,200.
Present value of public utilities property
Boston Edison $3,738,261.
N.E.T. a"c T. 1,352,700.
Mystic Gas 526,894.
Algonquin Gas 26,500.
Tennessee Gas 22,300.
Bumble Oil 9,950.
45,760,515 x $73./01,000 = $420,518.
Assessors would like to keep the same percentage.
Estimate of 1962 ,Asseseed Valwatiou — increase of ;73,000,0.-0.
This escludes consideration of reassessment,
The increase in valuations is estimated to be lowei than last year because
there has been a a5)o decrease is construction of homes, there is no major
new office or industrial building. It includes addition to First National
Store, Millican's, Lexi_gton Liedionl Center, Lex. Coal, Battle Green Inn,
and the remainder of assessment for Raytheon end Itek. (Itek is assessed
(125,0130 for new building.