HomeMy WebLinkAbout2017-12-06 BOS Packet - Released SELECTMEN'S MEETING
Wednesday, December 6, 2017
Selectmen's Meeting Room
5:00 PM
AGENDA
PUBLIC COMMENTS
Public comments are allowed for up to 10 minutes at the beginning of each meeting. Each speaker is
limited to 3 minutes for comment. Members of the Board will neither comment nor respond, other than
to ask questions of clarification. Speakers are encouraged to notify the Selectmen's Office at 781-698-
4580 if they wish to speak during public comment to assist the Chairman in managing meeting times.
ITEMS FOR INDIVIDUAL CONSIDERATION
1. Approve FY18 Tax Rate/Minimum Residential Factor(15 min.) 5:00 p.m.
2. Future Meeting Dates (10 min.) 5:15 p.m.
ADJOURN
1. Anticipated Adjournment 5:25 p.m.
Budget Summit#3 is scheduled for Thursday, December 7, 2017 at 7:00 p.m. in the Cafeteria at
the Public Services Building, 201 Bedford Street.
The next regularly scheduled meeting of the Board of Selectmen is scheduled for Monday,
December 18, 2017 at 7:00 p.m. in the Selectmen's Meeting Room, Town Office Building, 1625
Massachusetts Avenue.
Hearing Assistance Device.v Available on Reque.vt �� �� �
All agenda time and the order of items are approximate and
subject to change. Recorded by LexMedia
AGENDA ITEM SUMMARY
LEXINGTON BOARD OF SELECTMEN MEETING
AGENDA ITEM TITLE:
Approve FYI Tax Rate/Minimum Residential Factor (15 min.)
PRESENTER: ITEM
Carolyn Kosnoff,Ass't Town Mgr for NUMBER:
Finance; Greg Johnson, Chairman,
BOA; Rob Lent, Dir. of Assess. L1
SUMMARY:
A vote is requested for this agenda item.
This is the third of three meetings to establish the FYI 8 tax rate.
On November 13, 2017, the Board of Assessors presented information to the Board of Selectmen on factors
that will affect the determination of the Fiscal Year 2018 tax rate.
On November 27, 2017, the Board held the tax classification hearing, to consider tax rate setting options
available under property tax classification and to take public comment on classification.
Tonight's meeting is for the Board to set the FYI tax rate. The Board must take four votes, which are
described in the memorandum from the Board of Assessors to the Board of Selectmen included in the
attached Fiscal Year 2018 Tax Classification Packet.
The votes are to:
. Establish a residential factor(see Exhibit A);
. Determine whether to adopt the Open Space Discount;
. Determine whether to adopt the Residential Exemption and, if so, the percentage(up to 35 percent);
. Determine whether to adopt the Small Commercial Exemption.
SUGGESTED MOTION:
. Move to establish a residential factor of....... which results in a tax shift of______ (see Exhibit A);
. Move not to adopt the Open Space Discount(the Town has no property classified as Open Space);
. Move to (adopt) (not adopt) the Residential Exemption(and, if so, the percentage, up to 35 percent);
. Move to (adopt) (not adopt) the Small Commercial Exemption.
FOLLOW-UP:
Finance will submit the tax recap to the Department of Revenue.
DATE AND APPROXIMATE TIME ON AGENDA:
12/6/2017 5:00 p.m.
ATTACHMENTS:
Description Type
Cl Packet Rackup Matorrinl
Town of Lexington
Fiscal Year 2018
Tax Classification Packet
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Prepared for: Lexington Board of Selectmen
Prepared by: Lexington Assessors Office
Chairman, Gregory A. Johnson
Member, Edmund C. Grant
Member, Casimir R. Groblewski
Robert F. Lent, Director of Assessing
DOR Approved Values
Rate Setting Meeting / Public Hearing
December 6, 2017
MEMO
To: Lexington Board of Selectmen
From: Lexington Board of Assessors
Subject: FY2018 Rate Setting Meeting
Date: December 06, 2017
This memo is intended to provide the Board of Selectmen with the necessary information to conduct a
Public Hearing and Informational Session on the tax classification options available under Massachusetts
General Laws. The classification amendment requires the Board of Selectmen to consider four (4)
selections with respect to the setting the FY2018 tax rate. The decision of the Board for each alternative
must be submitted to the DOR on MA State Local Assessment form LA-5. The four (4) selections are:
1. Selection of a residential factor
2. Selection of a discount for Open Space
3. Residential exemption
4. Small commercial property exemption
1. Selection of a residential factor.
(Class 1: Residential; Class 2: Open Space; Class 3: Commercial; Class 4: Industrial, etc.)
The Board of Selectmen may choose to adopt a residential factor, which will increase the tax rate
applied to the commercial, industrial, and personal property (C-I-P) classes, up to a maximum factor
(multiplier) of 1.750. Adopting such a factor will shift a larger portion of the overall Lexington tax levy to
the commercial, industrial, personal property classes (CIP), thereby reducing the portion of the tax levy
borne by the owners of residential property.
Attached Exhibit A & Exhibit B demonstrate the effect that several possible "factor" choices will have by
identifying the tax levy percentage borne by each class of properties, and the resulting tax rates.
Approximately 100 of the 351 communities in Massachusetts adopt this component of classification.
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 61B, 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."
The Board of Selectmen may choose to adopt an exemption, discounting the assessed value
of Open Space to a maximum of 25% for any property that is classified as Open Space. The
Board of Assessors has not identified any property in Lexington that meets the definition of
Open Space according to the statute. To our knowledge, Bedford is the only community in the
Commonwealth of Massachusetts to adopt this exemption.
FY2018 Classification Packet—Rate Setting Meeting 1 12/6/2017
Page 2
To: Lexington Board of Selectmen
From: Lexington Board of Assessors
Subject: FY 2018 Tax Classification Hearing
December 6, 2017
3. Residential exemption.
The Board of Selectmen may choose to adopt a maximum residential exemption of up to 35% (in prior
years, this maximum was 20%). If adopted, the tax relief would apply only to owner-occupied properties.
The residential properties that are assessed below the "break-even valuation" point will realize a
reduction in taxes while the residential properties assessed above the "break-even valuation" point must
pay additional taxes to compensate. Non owner-occupied properties (including apartment buildings and
vacant land) would have a substantial increase in taxes. Please refer to Exhibit H in this classification
packet for details of the impact of the residential exemption if it were adopted.
During FY2017, some fifteen (15) communities in Commonwealth of MA, typically those with a
substantial base of rental units, decided to offer the residential exemption including Barnstable, Boston,
Brookline, Cambridge, Chelsea, Everett, Malden, Nantucket, Provincetown, Somerset, Somerville,
Tisbury, Truro, Waltham, and Watertown.
In FY2018, Lexington's Single Family Dwellings (over 9,000 parcels) have an average assessed value of
approximately $991,000 (see Exhibit C); however, the average assessed value among all residential
parcels - a critical component in calculating the distributional impact of the residential exemption - is
approximately $919,000 (see Exhibit H). All residential parcels includes: single family dwelling, two &
three family dwellings, vacant land, multi-dwelling parcels, condominiums, and apartment buildings.
4. Small commercial exemption
The Board of Selectmen may choose to adopt a small commercial exemption of up to 10% of the
property valuation to 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 1st, and must have had no
more than ten (10) employees during the previous calendar year, and the property must have an
assessed valuation of less than $1,000,000. While the applicant does not have to be the owner of the
property to be eligible, all occupants of the commercial portion of the property must qualify. Again, the
compensation for this exemption tax relief is borne within the other properties in the CIP class.
During FY2017, some twelve (12) communities in the Commonwealth of MA decided to offer the small
commercial exemption including Auburn, Avon, Bellingham, Berlin, Braintree, Dartmouth, Erving, New
Ashford, Seekonk, Somerset, Westford, and Wrentham.
FY2018 Classification Packet-Rate Setting Meeting 2 12/6/2017
EXHIBIT A: ALTERNATIVE TAX RATE SCENARIOS FOR FY2018
FY2017-FY2018 Change in Levy Limit and Values :actors Affecting Determination of FY2018 Levy Limit
FY2017 Maximum Allowable $ 170,290,521 N/A-
FY2017 FY2018 %CHANGE Levy Limit
Maximum Allowable Levy Limit $ 170,290,521 $ 177,659,169 4.33% Amended New Growth $ - 0.00%
Tax Levy (FY17 as actual,and $ 170,196,002 $ 177,659,169 4.39% Proposition 2 1/2 increment $ 4,049,008 2.38%
FY18 as Levy Limit(TBD)
Residential Valuation $ 9,361,100,630 $ 9,952,138,700 6.31% New Growth Increment $ 3,357,135 1.97%
Comm+Indl+PP Valuation $ 1,228,604,980 $ 1,275,161,860 3.79% Override $ - 0.00%
Total Valuation Debt Exclusion Increment
$ 10,589,705,610 $ 11,227,300,560 6.02% "
(vs.FY2017) '^''7+'0"" 0.02%
Residential Tax Rate $ 14.49 T.B.D. T.B.D. FY2018 Maximum Allowable $ 177,659,169 4.33%
Levy Limit
Comm/Indl/PP Tax Rate $ 28.13 T.B.D. T.B.D.
%LEVY CHANGE:
FACTOR %SHARE OF LEVY TAX LEVY TAX RATE FY2017 TO FY2018
C-I-P RESID C-I-P RES C-I-P RESID C-I-P RESID C-I-P RESID COMMENTS
1.000 1.000 11.36% 88.64% $ 20,177,976 $ 157,481,193 $15.82 $15.82 -41.60% 16.10% SINGLE TAX RATE
1.050 0.994 11.93% 88.07% $ 21,186,874 $ 156,472,294 $16.62 $15.72 -38.68% 15.36%
1.100 0.987 12.49% 87.51% $ 22,195,773 $ 155,463,395 $17.41 $15.62 -35.76% 14.61%
1.150 0.981 13.06% 86.94% $ 23,204,672 $ 154,454,497 $18.20 $15.52 -32.84% 13.87%
1.200 0.974 13.63% 86.37% $ 24,213,571 $ 153,445,598 $18.99 $15.42 -29.92% 13.13%
1.250 0.968 14.20% 85.80% $ 25,222,469 $ 152,436,699 $19.78 $15.32 -27.00% 12.38%
1.300 0.962 14.76% 85.24% $ 26,231,368 $ 151,427,800 $20.57 $15.22 -24.09% 11.64%
1.350 0.955 15.33% 84.67% $ 27,240,267 $ 150,418,902 $21.36 $15.11 -21.17% 10.89%
1.400 0.949 15.90% 84.10% $ 28,249,166 $ 149,410,003 $22.15 $15.01 -18.25% 10.15%
1.450 0.942 16.47% 83.53% $ 29,258,064 $ 148,401,104 $22.94 $14.91 -15.33% 9.41%
1.500 0.936 17.04% 82.96% $ 30,266,963 $ 147,392,205 $23.74 $14.81 -12.41% 8.66%
1.550 0.930 17.60% 82.40% $ 31,275,862 $ 146,383,306 $24.53 $14.71 -9.49% 7.92%
1.560 0.928 17.72% 82.28% $ 31,477,642 $ 146,181,527 $24.69 $14.69 -8.90% 7.77%
1.570 0.927 17.83% 82.17% $ 31,679,422 $ 145,979,747 $24.84 $14.67 -8.32% 7.62%
1.580 0.926 17.95% 82.05% $ 31,881,201 $ 145,777,967 $25.00 $14.65 -7.73% 7.47%
1.590 0.924 18.06% 81.94% $ 32,082,981 $ 145,576,187 $25.16 $14.63 -7.15% 7.32%
1.600 0.923 18.17% 81.83% $ 32,284,761 $ 145,374,408 $25.32 $14.61 -6.57% 7.17%
1.610 0.922 18.29% 81.71% $ 32,486,541 $ 145,172,628 $25.48 $14.59 -5.98% 7.03%
1.620 0.921 18.40% 81.60% $ 32,688,320 $ 144,970,848 $25.63 $14.57 -5.40% 6.88%
1.630 0.919 18.51% 81.49% $ 32,890,100 $ 144,769,068 $25.79 $14.55 -4.81% 6.73%
1.640 0.918 18.63% 81.37% $ 33,091,880 $ 144,567,289 $25.95 $14.53 -4.23% 6.58%
1.650 0.917 18.74% 81.26% $ 33,293,660 $ 144,365,509 $26.11 $14.51 -3.65% 6.43%
1.660 0.915 18.85% 81.15% $ 33,495,439 $ 144,163,729 $26.27 $14.49 -3.06% 6.28%
1.670 0.914 18.97% 81.03% $ 33,697,219 $ 143,961,949 $26.43 $14.47 -2.48% 6.13%
1.680 0.913 19.08% 80.92% $ 33,898,999 $ 143,760,170 $26.58 $14.45 -1.89% 5.98%
1.690 0.912 19.19% 80.81% $ 34,100,779 $ 143,558,390 $26.74 $14.42 -1.31% 5.84%
1.700 0.910 19.31% 80.69% $ 34,302,558 $ 143,356,610 $26.90 $14.40 -0.73% 5.69%
1.710 0.909 19.42% 80.58% $ 34,504,338 $ 143,154,830 $27.06 $14.38 -0.14% 5.54%
1.720 0.908 19.54% 80.46% $ 34,706,118 $ 142,953,051 $27.22 $14.36 0.44% 5.39%
1.730 0.906 19.65% 80.35% $ 34,907,898 $ 142,751,271 $27.38 $14.34 1.03% 5.24%
1.740 0.905 19.76% 80.24% $ 35,109,677 $ 142,549,491 $27.53 $14.32 1.61% 5.09%
1.750 0.904 19.88% 80.12% $ 35,311,457 $ 142,347,711 $27.69 $14.30 2.19% 4.94% MAX SHIFT
FY18 Classification Packet Final 12.6.17 RFL 3 12/6/2017
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EXHIBIT E: TAX FACTORS AND TAX RATES -
COMPARABLE COMMERCIAL COMMUNITIES, AND
CONTIGUOUS COMMUNITIES
COMPARABLE COMMERCIAL COMMUNITIES
C-I-p FY2017 FY2016 FY2017
State C-I-p RESIDENTIAL C-I-p C-I-P RESIDENTIAL C-I-P C-I-P
Rank MUNICIPALITY ASS'D VALUE RATE RATE SHIFT RATE RATE SHIFT
1 Boston $50,479,755,651 $11.00 $26.81 1.750 $10.59 $25.37 Yet Unpublhsd.
2 Cambridge $15,132,280,026 $6.99 $17.17 1.733 $6.49 $16.12 Yet Unpublhsd.
3 Waltham $3,602,114,600 $12,24 $29.53 1.749 $12.56 $29.04 Yet Unpublhsd.
4 Worcester $3,397,331,543 $20,61 $33.98 1.750 $19.22 $32.93 Yet Unpublhsd.
5 Newton $2,689,396,554 $11.38 $21.94 1.575 ' $11.12 $21.27 Yet Unpublhsd.
XXXXX XXXXX XXXXX XXXXX XXXXX XXXXX XXXXX XXXXX
15 Nantucket $1,326,340,922 $3.36 $5.93 1.750 $3.39 $5.99 Yet Unpublhsd.
16 Westborough $1,307,280,526 $17,77 $17.77 1.000 $17.80 $17.80 1.000
17 Brockton $1,301,045,344 $17.36 $32.02ti 1.750 $16.10 $32.94 Yet Unpublhsd.
18 Needham $1,270,307,816 $11.54 $23.02' 1.750 $11.89 $23.63 Yet Unpublhsd.
19 Lexington $1,228,355,980 $14.60 $28.40 1.760 $14.49 $28.13 1.760
20 Watertown $1,227,879,557 $13.68 $25.40' 1.750 $13.89 $25.32 Yet Unpublhsd.
21 Fall River $1,204,308,953 $13.63 $29.13 1.750 $14.00 $30.64 Yet Unpublhsd.
22 New Bedford $1,167,116,940 $16.49 $35.83+ 1.750 $16.69 $36.03 Yet Unpublhsd.
23 Danvers $1,116,657,435 $14.20 $21.37' 1.335 $14.19 $21.83 Yet Unpublhsd.
The EIGHT (8) CONTIGUOUS COMMUNITIES to LEXINGTON
FY 2017 FY2016 FY2017
C-I-p RESIDENTIAL C-I-p C-I-p + ` RESIDENTIAL C-I-p C-I-p
MUNICIPALITY ASS'D VALUE RATE RATE` SHIFT RATE RATE SHIFT
Waltham $3,602,114,600 $12,24 $29.53 1.749 $12.56 $29.04 Yet Unpublhsd.
Burlington $2,241,969,831 $11.46 $28.28 1.575 $11.06 $28.10 Yet Unpublhsd.
Woburn $1,968,945,243 $11.68 $11.02' 1.750 $9.94 $24.97 Yet Unpublhsd.
Lexington $1,228,366,980 $14.60 $28.40 1.760 $14.49 $28.13 1.760
Bedford $695,374,920 $15.28 $33.50 1.750 $14.81 $32.04 Yet Unpublhsd.
Arlington $524,686,326 $12,80 $12.80 1.000 $12.56 $12.56 1.000
Belmont $350,532,034 $12.56 $12.56 1.000 $12.69 $12.69 1.000
Winchester $319,303,179 $11.68 $11.02' 1.500 $12.28 $11.59 Yet Unpublhsd.
Lincoln $86,049,228 $13.99 $18.39 1.300 $13.70 $18.05 Yet Unpublhsd.
F-
FY18 Classification Packet Final 12.6.17 RFL 8 12/6/2017
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EXHIBIT G: Aaa and AAA RATED COMMUNITIES in MA
Mood 's Bond Ratings Standard & Poor's Bond Ratings
MA Municipality 2017 MA Municipality 2017
Arlington Aa1 Arlin ton AAA
Bedford Bedford AAA
Belmont Aaa Belmont
Berkley A2 Berkley
Brookline Aaa Brookline
Burlington Aa1 Burlington AAA
Cambridge Aaa Cambrid e AAA
Carlisle Aa1 Carlisle
Concord Aaa Concord
Lexington Aaa Lexington AAA
Lincoln Lincoln AAA
Needham Needham AAA
Wakefield Aa2 Wakefield
Waltham Aa1 Waltham AA+
Watertown Aa1 Watertown AAA
Wellesley Aaa Wellesley AAA
Weston Aaa Weston AAA
Westwood Aa1 Westwood AAA
Wilmington Wilmington AA+
Winchester I Aaa I Winchester AAA
Woburn I Aa1 I Woburn
Note: Municipalities above are the ONLY ones in MA that received an A rating or better during FY 2017.
Moody's Definitions of Long-Term Bond Ratings:
Aaa Bonds are judged to be of the best quality. They carry the smallest degree of investment risk
and are generally referred to as "gilt edge." Interest payments are protected by a large or by an
exceptionally stable margin and principal is secure. While the various protective elements are likely to
change, such changes as can be visualized are most unlikely to impair the fundamentally strong
position of such issues.
Aa Bonds are judged to be of high quality by all standards. Together with the Aaa group they
comprise what are generally known as high-grade bonds. They are rated lower than the best bonds
because margins of protection may not be as large as in Aaa securities or fluctuation of protective
elements may be of greater amplitude or there may be other elements present which make the long-
term risks appear somewhat larger than in Aaa securities.
A Bonds possess many favorable investment attributes and are to be considered as upper
mediumgrade obligations. Factors giving security to principal and interest are considered adequate,
but elements may be present which suggest a susceptibility to impairment some time in the future.
Standard & Poor's Bond Ratings Definitions of Long-Term Bond Ratings
AAA -- has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its
financial commitment on the obligation is extremely strong.
AA -- an obligation rated AA differs from the highest-rated obligations only in small degree. The
obligor's capacity to meet its financial commitment on the obligation is very strong.
A -- an obligation rated A is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher-rated categories. However, the
obligor's capacity to meet its financial commitment on the obligation is still strong.
FY18 Classification Packet Final 12.6.17 RFL 10 12/6/2017
EXHIBIT H-1 : ADOPTION OF 35 111 RESIDENTIAL EXEMPTION
PROPERTY TAX IMPACT ANALYSIS
RESIDENTIAL EXEMPTION WORKSHEET
FISCAL YEAR 2018 INFORMATION
TOTAL RESIDENTIAL VALUE $9,952,138,700
TOTAL#RESID. PARCELS 10,832
AVG. RESIDENTIAL PARCEL $918,772
EXEMPTION @35% 35`16
EXEMPTION$AMOUNT $321,570
EST.#OF EXEMPTION PARCELS 9,265
TOTAL RESID. EXEMPT VALUE $2,979,348,022
PRELIMINARY RESID. RATE(FY2018) $14.30
TOTAL RESID. REVENUE $142,347,711
NEW RESID.ASSESSED VALUE $6,972,790,678
NEW RESID. RATE $20.41
(a) (b) (C) (d) (e) M (g) (h) 0)
EXEMPTED
PRELIMINARY ANNUAL ASSESSED NET
EXAMPLES OF TAX RATE @ PROPERTY VALUE @ 35% ASSESSED DERIVED TAX NET TAX $Change %Change
ASSESSED VALUE 1.75 SHIFT TAX BILL EXEMPTION VALUE 1 RATE BILL (g-c) (h/c)
$300,000 $14.30 $4,291 $270,000 $30,000 $20.41 $612 -$3,679 -85.73%
$400,000 $14.30 $5,721 $321,570 $78,430 $20.41 $1,601 -$4,120 -72.01%
$500,000 $14.30 $7,152 $321,570 $178,430 $20.41 $3,643 -$3,509 -49.07%
$600,000 $14.30 $8,582 $321,570 $278,430 $20.41 $5,684 -$2,898 -33.77%
$650,000 $14.30 $9,297 $321,570 $328,430 $20.41 $6,705 -$2,592 -27.88%
$691,700 $14.30 $9,894 $321,570 $370,130 $20.41 $7,556 -$2,337 -23.63%
$700,000 $14.30 $10,012 $321,570 $378,430 $20.41 $7,726 -$2,287 -22.84%
$800,000 $14.30 $11,443 $321,570 $478,430 $20.41 $9,767 -$1,676 -14.64%
$900,000 $14.30 $12,873 $321,570 $578,430 $20.41 $11,808 -$1,064 -8.27%
$1,000,000 $14.30 $14,303 $321,570 $678,430 $20.41 $13,850 -$453 -3.17%
$1,074,165 $14.30 $15,364 $321,570 $752,595 $20.41 $15,364 $0 0.00%
$1,100,000 $14.30 $15,734 $321,570 $778,430 $20.41 $15,891 $158 1.00%
$1,250,000 $14.30 $17,879 $321,570 $928,430 $20.41 $18,954 $1,075 6.01%
$1,500,000 $14.30 $21,455 $321,570 $1,178,430 $20.41 $24,057 $2,602 12.13%
$1,750,000 $14.30 $25,031 $321,570 $1,428,430 $20.41 $29,161 $4,130 16.50%
$2,000,000 $14.30 $28,606 $321,570 $1,678,430 $20.41 $34,265 $5,658 19.78%
$2,500,000 $14.30 $35,758 $321,570 $2,178,430 $20.41 $44,472 $8,714 24.37%
$3,000,000 $14.30 $42,910 $321,570 $2,678,430 $20.41 $54,679 $11,770 27.43%
$5,000,000 $14.30 $71,516 $321,570 $4,678,430 $20.41 $95,509 $23,993 33.55%
1 Residential Exemption may not reduce the taxable value of the property to less than 10 percent of its full and fair cash
value.
*BREAK EVEN ASSESSED VALUE, NO TAX IMPACT. $1,074,165
11
FY18 Classification Packet-Final-1 2.6.17 RFL 12/6/2017
EXHIBIT H-2: ADOPTION OF "' �1111111°11,
�' ijji RESIDENTIAL EXEMPTION -
PROPERTY TAX IMPACT ANALYSIS
RESIDENTIAL EXEMPTION WORKSHEET
FISCAL YEAR 2018 INFORMATION
TOTAL RESIDENTIAL VALUE $9,952,138,700
TOTAL#RESID. PARCELS 10,832
AVG. RESIDENTIAL PARCEL $918,772
EXEMPTION @ 20% 200,14)
EXEMPTION$AMOUNT $183,754
EST. #OF EXEMPTION PARCELS 9,265
TOTAL RESID. EXEMPT VALUE $1,702,484,584
PRELIMINARY RESID. RATE(FY2018) $14.30
TOTAL RESID. REVENUE $142,347,711
NEW RESID. ASSESSED VALUE $8,249,654,116
NEW RESID. RATE $17.25
(a) (b) ( c) (d) (e) (f) (g) (h) 0)
EXEMPTED NET
PRELIMINARY ANNUAL ASSESSED
EXAMPLES OF TAX RATE @ PROPERTY VALUE @ 20% ASSESSED DERIVED TAX NET TAX $Change %Change
ASSESSED VALUE 1.75 SHIFT TAX BILL EXEMPTION VALUE 1 RATE BILL (g-c) (hlc)
$200,000 $14.30 $2,861 $183,754 $16,246 $17.25 $280 -$2,580 -90.20%
$300,000 $14.30 $4,291 $183,754 $116,246 $17.25 $2,006 -$2,285 -53.25%
$400,000 $14.30 $5,721 $183,754 $216,246 $17.25 $3,731 -$1,990 -34.78%
$500,000 $14.30 $7,152 $183,754 $316,246 $17.25 $5,457 -$1,695 -23.70%
$600,000 $14.30 $8,582 $183,754 $416,246 $17.25 $7,182 -$1,400 -16.31%
$650,000 $14.30 $9,297 $183,754 $466,246 $17.25 $8,045 -$1,252 -13.47%
$691,700 $14.30 $9,894 $183,754 $507,946 $17.25 $8,765 -$1,129 -11.41%
$700,000 $14.30 $10,012 $183,754 $516,246 $17.25 $8,908 -$1,104 -11.03%
$800,000 $14.30 $11,443 $183,754 $616,246 $17.25 $10,633 -$809 -7.07%
$900,000 $14.30 $12,873 $183,754 $716,246 $17.25 $12,359 -$514 -3.99%
$1,000,000 $14.30 $14,303 $183,754 $816,246 $17.25 $14,084 -$219 -1.53%
$1,074,165 $14.30 $15,364 $183,754 $890,411 $17.25 $15,364 $0 0.00%
$1,100,000 $14.30 $15,734 $183,754 $916,246 $17.25 $15,810 $76 0.48%
$1,250,000 $14.30 $17,879 $183,754 $1,066,246 $17.25 $18,398 $519 2.90%
$1,500,000 $14.30 $21,455 $183,754 $1,316,246 $17.25 $22,712 $1,257 5.86%
$1,750,000 $14.30 $25,031 $183,754 $1,566,246 $17.25 $27,026 $1,995 7.97%
$2,000,000 $14.30 $28,606 $183,754 $1,816,246 $17.25 $31,339 $2,733 9.55%
$2,500,000 $14.30 $35,758 $183,754 $2,316,246 $17.25 $39,967 $4,209 11.77%
$3,000,000 $14.30 $42,910 $183,754 $2,816,246 $17.25 $48,594 $5,685 13.25%
$5,000,000 $14.30 $71,516 $183,754 $4,816,246 $17.25 $83,104 $11,588 16.20%
Residential Exemption may not reduce the taxable value of the property to less than 10 percent of its full and fair cash
value.
*BREAK EVEN ASSESSED VALUE, NO TAX IMPACT. $1,074,165
FY18 Classification Packet Final 12.6.17 RFL 12 12/6/2017
AGENDA ITEM SUMMARY
LEXINGTON BOARD OF SELECTMEN MEETING
AGENDA ITEM TITLE:
Future Meeting Dates (10 min.)
PRESENTER: ITEM
NUMBER:
Suzanne Barry, Chair
1.2
SUMMARY:
If necessary, continue the discussion on future meeting dates.
SUGGESTED MOTION:
NA
FOLLOW-UP:
BOS Office
DATE AND APPROXIMATE TIME ON AGENDA:
12/6/2017 5:15 p.m.