Loading...
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 v5 MOR1y�� O�`O v 'Q ~ C1" z fn 3 APRIL 19TN LEXrxG10� 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 0 � N (fl d 0 M m N N N V V Lo O O I- O O O O O O O O O N O O O 00 V 0 0 0 O O O O W) W) Lo 0 N V Q — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — LL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M V N N N m O I - O (O V (O (O V I— — LO O 0 0 00 04 M O a) O CD V 00 V (M (M ((0 (.0 0 W O O N — N O — I� N aO — aO V O (fl M � (f) I� O N O N O O O — O V V N I- 1- 1- (fl (fl m oom\ o I- m 0 N m N m O Lo (M - - - N Cl) V LO (D LO Cl) O O N N N N N 0 0 y U W o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0-0 0 L J m 00 O CD m CO 0 (O O V 00 I,- N CO LO CO V LO I;TN N (C) N O N (O N m 0 0 0 00 m N O O (D Q O 00 O O I� O O (fl M N V — I� O � (f) O a0 lf) N N I� O — N V V O (fl � � M M V a0 (fl M Li O N M M N M N —N — — N N N N N N N N N � — — — — — — — — — — — — — — — — — — — — — — — — 0 0 yTy o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 V/ o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 I� (fl M a0 (fl M (fl V (fl V O V (fl M ((') I- N LO r- LO O LO 0 O N 0 r- r- LO LO 0 W O O I1- 00 I1- O 00 N I� 00 — LO O M (O 00 V N O I� O I-- O O O O O LO LO II- N N N PM PM m J e (V Oj 00 00 I- (O I- (O 07 O V (O 00 00 00 I- (O Lo V m V 0 00 O O 00 I- 00 I- r— r— r— 00 Z W 0 Q W W o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0-0 0 C J CD O O M O CD m m V (O N M 00 N Cl) m (O IIT (O I- N 00 I- LO O M O O N 0 OO N 0 � c O — — O N O O M (O I - lf) OO N O N V O — V I - I - N O OO I - lf) lf) O M N O (O (O lf) N V (D � � � � � � � � � 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 o y O O O O O O O V O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LO CD O CDO CD CD CD CD W) O O O O O O O L2 (O (O O O LO (O (O (O Cl) 00 W) Cl) O N (O LO O 00 (D O V M_O N I� � O I� OO O N N OO , V — N N (f) lf) O M lf) lf) (M — (O (M I- M O (O (O In N (0 (0 CDr— 'ITO N 00 V I- W) r— r— V I- () N (o r— 00 V V 00 CD 0) I- (D W) W) I- (0 O i J W ((� 0) W) N 0) N LO 'IT 00 00 0') (3 N Cl) (O M O r— V I- r— (O (O (M (O O O 00 LO O V LO O 0) V Q : O N V (D N 00 I- (fl Cl)-V (M N I- O 00 00 O I� N M (f) — N N — (fl W I� (fl O W (fl (f) V M mH J r V M OO -M V �-W) (M I-00 V W)0-) (0 LO 00 CO (fl (0 0-) C6-CO -CO (D �W)0) 00 O) 1- LL 0 Q V (O 0 0 (M O N O LO M LO O V O 00 O 00 V 00 W) N (M O I- N O LO LO V 00 N W > N N (M (M O O O I� N O O O N V w � O w O (O O O (O O O O 00 O O (M (f) M O - N J N N N N M (M M M M M M M (M V V LO LO (O (O r— 00 00 r- 00 00 00 O O O Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft� � Eit Eit Eft N J Q O O O O O O O V O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 W) O O y O O O O O O O LO O O O O O O (O V (O (O O O LO (O (O 00 00 LO M (O V N LO lf) O 00 (D U V (D r— (D LO N (D (D 00 N N N r— r— M N N O a0 O (M N O M (D 00 V co V co O (fl O co (O (O V N (O V 00 V V O I- (O I- L6 00 00 O_ I� O_ O 00 00 (O (M I� L V N C (M 00 L6 00 L6 L6— RX W ItI- O 'ITN N 'ITI- 00 N I- N 'IT LO LO I- O M (O 0) W) LO V (M M (O I- LO 'IT LO W d — M V O_M O I- O V (O O (O lf) lf) OO LC V O I� (O I� V I- OO O O N , "- Imo_V O M O M ate+ J O(O (O I�(O V(`) M(O N O O LO M LO V LO V V I- N O N M V N LO O co N L6 00 W }' V ; (.0 r— 0-) O (D r— r— 'IT 00 M (D N M 'IT 0') (D 'IT 0') 0') I- (D N 00 'IT 0') LO V (fl a0 N [- 0 O N N N M M (O (O (O 00 LO LO 'IT 'ITV 'IT 'IT 'ITLO r— 00 O 00 00 00 00 0') 0') O 0') O O N N a Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft y 0 Eft Eft Eft Eft Eft Eft Eft Eft Est y O O O O O O O O O O O O O O O O O O O O O CLO, O O O O O O O O O O O O O O O 0 = O O O O O O O L( O O O O O O V O O O O O " O O (f) O O O "-: [,- O O 00 O (C O 7 lf) 00 Vl V � O l(') M � O_Il O O O V — 0 0 O l(') I� O O_N l(') O l(') I� � O M O — O (O f l(') O M V M (O LO I- N LO I- N r— M 11:r— r— 0M 00 LO I- O M r— LO V 00 CD (O CD00 > O (O I- (O O O I- O 0N V 0 0 0 I- 00 m (O O m m O LO I- r— V LO V 00 O 00 N LO O O Cl) W OO_O O O O 00 O (C) OO 00 (M (O — V O N (O I, lf) " V — V (M N N O M_V O O V (O N (O O I- r— O LO LO 00 O ! 'IT M LO 0') O(M O(O (O 00 LO M LO LO (O (`M 'IT 0I- N N y (n J 00 0') 0') O N (M LO O N N I- M O r— O O N (O O O 00 I- N M V O O W) I- O O (O (O LO y J W O O O O O N N (M O (O LO lf) (O 00 O O M l(') I� N O N 00 0 0 00 O O V 00 M O yLL N N N N N N N N N N co m m (M V V L (fl (fl (fl � (fl (fl (fl (fl (fl � 00 00 O D) V) Q' Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft � I 75 /y� w � W � � � N 2 O �I O N M 'ITM M LO O N I- N N 'IT PM 0 'IT O 0LO I- O 'IT O LO N 'IT (M M I- M LO 'ITO M O W O O O O M LO O O O 'ITLO 0N M O M 0M 0 0 0 'IT (M O N (M N V O (O V N (D N LL a U (f) I- M O (M V I- O N CM I- M O (M V (O 00 00 N Lo N V O (O I- V 00 LO M O f- 0) W N N N N M M M M V V V V V LO LO LO LO LO (O (O I- 1— 00 O O O �_ N_ N (2 V V (f) (O J Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft � � C � Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft Eft � O � U a U) N N m V LO 0I- 00 O O N m V LO 0I- 00 O O N m V LO 0I- 00 O O �_ N M_ V LO (O I- co V U 00 00 00 00 00 00 00 00 O O O O O O O O O O O O O O O O O O O O LL O O O O O O O O O 0') O O O O O O O O CD O CD O O O O O O O O O O O O O O (D O 4) 00 N N N N N N N N N N N N N N N N N N N y0 Z LL J O F m M LD M — 0 m CO L0 w 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 N ~ O O O O O LD (O (O 0') 0') LD 0 0 00 CO W Z W O 06 M O N N M — V N N L0 L0 O M L0 L0 M — 0 — M I— M O B (D � > ~ 00 V I� L(�I� V I�C N CO I� 00 V V 00 O C6 � CO L(�L(� I- CO O N ~ > Z W rn CO N co CO co 0 � r— — V I— r— CO CO (� CO O O — 00 � O — V � O � J Z W' N [- O 00 00 O N (� — L0 N N — 0 L0 CO CO Cp L0 V M Q z z O N -LQ cf) I- 00 V L0 Cn CO L0 00 cf) CO CO G) G) Cf) - (') CO I-L0 G) V 000 N LJ L0 CO L0 — CD V 0 00 O � � 00 � V 00 L0 N Cf) 0 I— N O L0 L0 O L0 N W O Q (6 O O O N V L0 I— O L0 0 0 0 0 CO 0 0 0 00 0 0 cf) L0 cf) > J -i x m m m m m m m v v Lo Lo 0 0 I� ao I� ao I� ao ao ao o) o 0 Q > W w 0 ID O O O O O O O O O N O O O ao v O O O O O O O I— I— ILo — CO p Cl) H LL V Z 1 Zw Q Z Q (n \ 0 0 0 0 0 0 0 \ o o \ \ 0 0 0 0 0 0 0 0 0 0 0 0 V, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 W UWXQ00coc� c� l— c� oovCf)) Cf) - I- - Nco - OOl- cocornl- L(� � W' z ('0 00 I— 0 00 ('0 00 I— M M 0 N CO O V N — N N m W U F CO CO V Lo N N OD V I- - (N CO CO CO Co Lo V V V Lo CO CO V ~ J � Z O mW J J CO CO 0 CO — CO — N CO N CO CO G) N CO CO O M I— L0 ONO V 0 L0LC) 0 ('0') C) Q (D Q J_ 0 0 N N 00 N m 00 Lo m Lo M O 0 Lo I— — V I— Q D Lo I- G) CO 00 CO —, Cf) 00 Lo 00 Lo 00 I- 00 Lo 00 m m N O 0 O O Lo Lo 0 y Of 0 M 0 L0 M — V O M I— M I— N V M 0 00 O 00 Cf) V O 00 0 L0 O m i LL W z CO M O N V L0 0 0 — M I— V N I— N I— — L0 O V M-V — M- L0 � N > Q comm V V V V V V L0L() L(� COI� I' 000o (J(J o0 — NC LU Gq W) Jw w •, Q ('0 V CO O 00 Cf) 0 L0 00 L0 I— V V N I— 0 O I— O 0 O 0 V 'If 0 — O O M V I— N N 0 V CO � m Lo 0 00 V 0 N Lo 00 0 V 0 i Z N c) V V V co co N N N -- O O - -- N N co V V Lo Lo V V V m y LL V♦ ~ 1 Lo WLL V X O LU W o 0 0 0 0 0 0 0 \ \ \ \ o 0 0 0 0 0 0 0 0 0 \ o 0 0 \ o �+ (n 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LLJ (/) - Q r— L0 Cf) CO V 00 L0 m CO 00 — O O 00 Lo O b Ln Lo — 00 0 M ti IT O O O Q W J z O V 0 0 0 N V m V V 0 0 OL0 I— — M � O � O M � r— (� N N CO In (7 Cp Cp Cp V a0 V (? O O O (N M 0 00 L6 (O M CO U U) W >- zQ > 0 — LOMLOv0 'gMMMOvO CDMLO0CDI— CD0 'g0LOv Q W w 0 — LO M N I— V LO M LO CD LO N V CD V I— r— LO N CD LO M C 0 N I— N r— — — — 0 r— M I— V 0 — LO 0 0 M V 0 V LO N M M CD W J < -CO C C6 CO o0 o0 C6 N C C6 CO 00 - N - ( I� O O � N �O 0 0 0 0 I— M O — M L0 M N I— N — M 0 N 0 0 0 0 0 — V N M M O i p /� > W N N N N m m m m m V V L0 0 0 0 I— 1— 1— 0 0 0 1— 1— 00 00 0 > O LL LL � > L0LL J C/) � O Q Q Z N Lo V N M L0 M O O L0 M I— 0 0 I— N V V 0 M M 0 M L0 0 N LL J 0 00 — ('0 L0 L0 I— 0 — N V V 0 00 0 - - N co V V CO I— 0 0 N N N 0 � Z W J 0 0 CO I— I— I— I— I— 1— 00 00 00 00 00 00 00 0 0 0 0 0 0 0 0 0 0 0 00 0 _1 //\ J W C 00 00 00 00 00 00 00 00 00 00 OCT OCT 00 00 00 00 00 00 o0 o0 o0 o0 o0 0 0 (� cn O 3: z o LL _ o . . O O O O O O O O O O O O O O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 U J 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M U z Cp q 00 L6 O 00 N 0 ('') r- 0 — CO N N O N O L6 C6 C6 O L6 0 — [-� O Z O I— M O V V I— — 0 V L0 M I— O M I— M 1- 0 0 0 V L0 I— L0 00 00 U) — LL J L0 Cf) CO I— O 0 O — — 00 Cf) O N L0 — 0 L0 I— L0 L0 N 0 M I— M 1— O N O 00 V CO L0 -- L0 — 0 I— L0 M 0 I— 0 M N IT IT IT -00 L0 00 L0 00 M W W D CD N 00 CO 00 0 I— I— I— I— N 0 L0 M 0 0 0 I— M M L0 V LQ M O — M U I.LI J > J N () () L() Cp I— 0 () I— N CO V CO N V N N N N V CO () O V O — U > Q N N N N�(N N�(N (') co c) V V Lo Lo CO CO CO CO CO CO CO CO CO I� a0 00 00 p ;— 2 z 0 > (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A (A ER Q G7 N M W (6 N M V L0 0 I— M 0 O � N M V L0 0 I— M 0 O — N M V L0 0 I— coOo 0 0 0 0 0 0 0 0 > 00 U i 0 0 0 0 0 0 0 0 0 0 - - - - - - - - (A m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 x LL m CD O o co co O o 0 o N O rnW MI) W rn ) (n 00 (O a) O N O O (p r ~ d MM (O (n CD (D O O(D O 0 + y LN 0M O— y N M coM P + y (O N O T— O O O U a O T 6 N N + � o 69 Q O � O Oco d' ','M i,,,,,,,,,,, O O i', O Ili r 011, M 00 N co M ID N O o + MN aoM O N + (D W N U .Itw N LL + (D O M U) LO "(b C U fA N M1. 69. N +J N _ 6" _ LL L Ef}69. Efl 0 N k 0 O N M O O co O O y � ti co i',„" � w U Cl) C41 ■ ■ E y 0 O CM N I,- •� N m o a Q- s, 69. a� U a C Q + o� c o \ c 0 0 \ \ \ Pf x ca n N O L NCC) O O � a (Oo0 M N CC) O +J U ao = C O �► d' 69. O N M b bl> N N LO 61, C +J N 0 O O O 0 0 O O O W _ O N O Cl) 0ii4"' � O O O 00 C O O (O (p to N 0 O O N (f) 0) O M O co M 0N N J L O B O ao M O >- (n r, O I� U — LL co 0 C14 co Q M A N 69. Cl) O U N C -a Efl 64 � C � N uuumumi Q O o C OO O o 0 o r;;i'„', � LE cu IIIII ^ M (0 O Cl) Cl) O ijl!") "a O N mumu U 0 0 � N ";" N Q �► 0�0 M * N (O (D �",��r > +� N Q m E O Cl) O M O _ uvumuuuuuu 00_ +-� � L O O (D LO EL,L a0 O O 69. a) Q N O NM 0 O a) Q m� r-u� b°}ff} 64 O Efl -✓3 2 Illlluuulillllluuu •U O (n U Clio °O -0 o O o o O o o o IL u muuuumr M O O o 0 O O o o N N O O tD (O() Illllumlilllllllum O co 00 (O r N 00 00 O LL N O O MO ti M 00 co > N C N _ O cr� �+ N I, Cl) O (Oct T— cc Q � > IIIIIIIIuuuuumuM'N (A p 64 tR a) z N N N y b9 E!} b9 (n c ■ ■ O N C U LLI L _ � N N N N O O c } im CL M 7 > O L O m > > ++ > s s w L c o (1) a� o LL IL � 3 = T (n (A CIAO 6 6 O 4) O is U y y > > > > O E L L N R O O05 LU a� L > U U _ _ as a� � co � � OHO OHO co co IL IL 6-,j O I I I ILL I LL d LL IL > U Q N M v LL 0 N N N M p r N (O O N (O N (O N p (O N (O O 0 (O N (O of ro r vco LL � LL e� LL � LL � a N O v m O O O N of 1 I� 0 (6 cu N Qro a N O � m �N of N r M M r a+e i,"u N O M M r N O th m m ro rn O (O th M T V^y � p (O th M O 41f7 } O cu LL fA M LL m fA M� r LL fA r LL fA O LL fA fA r r LL N fA ✓• '`r ~ U 7 T O O N O V O . O O N N Z .. _ 0 p N M O V M u O pj N N ^ N^^ O N C N N N p (O N N O r N M �`. r N N m 1* N W^ '}` N - O 0 v m a L caU LL fA fA LL fA N fA (� N J J J O O O ^ 612 N W r` o j Q cu c W g0 LL LL LL Z LL r = OyT cu a CL O(O } � � WJ LL i LL r i,WJ _ c N N } } r O >^.a?N m o " to} Z LL fA fA LL fA fA fA LL LL N L LL 0 y o �aV^. > Vn N °�fD v v co rn n �D co r n N r �? co co n N o �? co o n N m 'D co '�' n Z n } r n } o N u " n } m N m ^ n } a N m n } N v n } n N v c w C n LL rn <» v n LL m <»m n Es'<» n �'<» n U3 Es' n LL v <n co J _ C Eq LL LL U3 LL NEn p X O O O O O O OLU M Z J O N O O N LL M o O r N N N Z m Z o ZN O 0 N O O N M N O O N rn ^ Z Z 11i N O LL rn� U3 u� O LL M U3 M� r O LL U3 r O LL U3 yV' '`r O LL U3 U3 O LL N U3 „ r L « O L N N U3 N N N N U3 VI A Z Z Z Z Z Z Q Q V! N r` ro rn o u u O m rn u u O ro rn u u ro ro u u p ro ro u u m_ u� c'O A } N-M� N N LL i» �n zz zz zz Q zz O zz -t '�' zz O O w Q ro ro m a`oo� m > m} m>} } m > > > E a Co`L o> > > > > > p J NaaLL LL o OO O a Oaa UV' I • N O O O Q Q • N T O Q Q G N O Q Q N O Q Q C > s m > m m > • a m - -> A (6of N N Q N N LL N t Q N N LL Q coO co LL N t Q coN co LL N ! Q coN co LL t Q N N LL C y X U Y N N N^ 0 Y N N N^ O V 0 N N N^ G Y N N N^ Y N N N^ • O 0 N N N^ LL E (O Q (O Q h N Q (O Q (O Q (O Q VI to a -_ . N - • N - N - c N - N - a Q m m m Q °c Q � m m a� Q m . . , c Q ~ m m m • -°o Q F m m J Q m m a F F F U F F F . F F F m F o F Q F F F u LL, . U cn • U to I u u W °� C O L � L � • m � m 3 Z ', m m O U' �i � 8 m U - o A o A � A • � A z: m a 0 U (6 U 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 d o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o n 0 R m V (c-I N m ci ci 0 I- N 0o LO m m I- V Ol ci (0 ci N LQ LQ LQ N C) o C 0 Ln 0o O w O N Ln V I, 0o N -1 V O m ci Ln V w N O) I, w ci Ln N VM m m c-I ci i i c c ci N c-I -4 m N c-I ci N N c-I N c-I N c-I R ca R 0 Ol 0o I- Ol Ol I- w V m 0o N I- r m w .o-i m V m 0o Ln Ln Ln 00 O (0 Ol C V .-i Ol m N .-Ol I� V L6 i I, op Lf) 06 V ui m N m I� O 06 V a o ; (o w wm w 00 00 w r, m o0 00 (o n o0 0o m n m n oo n oo n Do O � rn ao o m o 0 o m ao 0 0 o Lr> m o m m I� o rn o o m o 'a co 00 O O V M I- O O 0') O V I- 0') LO 0 0 (M I- 00 0') LO LO 00 a) V M V O 0O - LO O V CO 00 I- V V V N - (0 - O N CO LO W y (O 00 (O O) M O O M OO O w N N V Ll7 (O _ 00 M O (O L6 O (O y V V (O O N O) O) N (O 00 CO W) r CO I- r O) LO LO 00 O) V y N O O 00 (O (O CO V In V O O V 00 O_ 0') N 0') I� (O M 0') N 0') 0')y C O N (O V O O Ll7 O M T M (O V N V M LO r- O r 00 Q Q E V N V 00 (O CO N (O (O N LO 00 O) V 00 LO O) O O (O LO O) CO O) O (O - r (O_ N O (O N M W V V N O) O) V 00 r (O (O O O O) r > Cl) O) (O Cl) Cl) N N O O O) O) 00 00 00 I- r r r r r (O O V M N N N ER ER ER ER ER ER ER ER ER ER ER ER ER ER EA ER ER ER ER z; ER ER tR ER EA 1 .� (O V N M 00 M 00 O O O O (O In M 00 (O O O O O (O M t In N LO N V In O 0-) V V O 00 O (.0O N I- CO I- O 0-) V O LO W (O O LQ O) 0 O O) O LQ V V T (O O) 00 O M 00 O) r- (O (O O) r- O i ^ LO O (O O O) OD O) (O I- CO W) 'I- (O I- 00 (O (O (O LO 'I- LO (O N 00 In WO V O O I- M OO In W M O OO OO In V N In M V /A t C.a I- N Cl)- Cl)- (O O 0')- Cl)- Cl)- 0')- - Cl) 00 CO 'I- (O LO (O 00 I- O) V I- V/ O - O) N O (O P- (O P- N a0 N N O (O Ili Ili Ili _ M V (O N I- CO CO N 00 N O V O Cl) Cl) N O N I- N N V O I- O (0 (0 a V (O M (O O 00 M O V N 0 O N O LO O LO I- V - - LO O cn y ER ER ER va LO LO � � � � CO � 0) � � � � 69 696969696969 QCl) O O (O O O O O O O O O O O O r r O O O M O O i N N I- O O V LO O O O 00 O Cl) O N 00 LO O I- M r N O 00 V y O N M N 00 (O In N O In V M_ O V V N Q C. M CO V (O O CO In V 00 r V (O LO r LO co I- M V I- O (O O V 00 N n O 00 00 r M 00 M 00 N Lo (O N Lo L6 I� 00 r V 00 O N N_ M M M �D O M O (O O V O O (O O 00 O O a Lp i 'I- (O N O O) CO V 'I- LO W) V O V I- LO I- LO O V 0') V O LO O 00 O V Cl) V 0') LO I- V 0) 0') Cl) Cl) 'I- : (O Cl) LO O) I- N V R w N 00 Cl) V N N N N N I- N - 'I- Cl) N N N N O C E L _7 6c3 6c3 6c3 6c3 6c3 6c3 6c3 EA tR EA 6c3 Ef> Ef> Ef> Ef> Ef> Ef> Ef> Ef> 6r) EA EA y E ER ER � O /� a v W y (O O O O O O V O O O 00 (O 00 O O O O O O O LO O O N O N O O O O 00 O O ao O 00 O O O LO O O O O (O O O C CO- (O O LQ LQ (M N I- 00 O_ cD N LQ 00 N LQ I- N 00 r V 16 R 00 LO (O N 00 LO (O LO V 00 O r V CO LO 00 LO O LO O) I- V (O W OD N (O CO I- LO LO CO 00 O W) 'I- 'I- (O 00 V 0') 0') V V 0')N > 00 Cl) O) V (O N I- 00 CO - 00 - (O O 00 V O r- V 00 (O Cl) O V N C L_ N r1- 0rM0 N VLOD (D O rNO V LO 00 Oo � 00 � -4 O N V O � r � I— 691 tf tf tf CO V tf M LO r- 69, N tf tf (O CO N N C ER ER EA tR EA EA EA ER ER ER EA EA ER EA a y N LO V LO O CO CO O CO O O N r CO LO (0 O O O O O (O CO N V In O O O O O LO (0 O n O V N LO CO In M O OO O OO (O 1- (0- V (O (O M M M N V O CO- N O) V V O M M C () R CO M (O 'I' 'I- P- (O O 00 N LO 00 (O I- (O LO CO Cl) 00 N 00 c 'C > O N 00 Cl) r- M (O LO LO N N N O Cl) I- O 00 00 (O Cl) Cl) LO O (O O N O - (O - P- O N (O O W) LOO N N LO N o E � 'I' V V V COM 0') 1- 0') Cl) 00 N N N O Ln Ln r O) CD 00 (O O) L6 O) 00 O) O Co O U E N r O) Cl) 'I- O N LO N O O CO r 'I- r CO O (O O (O 'I- V In O O O) N (O N - (O Cl) W LO CO CO r Cl) LO Cl) LO LO N LO (O O C. M r, N - N tf) to N ti) tf) tf) ER ER ' ER 6c" ER V 0I- LOEf3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 Ef3 69 N a 0 691 691 691O O O O O O O O O O O CD O O O O O O O O O O O O a o 691 691 691 691 6910 691 to ts3 ts3 ts3 ts3 ts3 ts3 ts3 ts3 co ts3 691 691 691 O COCL � Ln v 00 N N C. 691 O J LL LL OO N 0 1- 0 O I- N M O O O O In O In O 00 O O O O O I� 00 (O V O I- (O O (O LO O M V 00 V 00 N O O 00 O LO N r i I� r- V r- N V LQ LQ O cD N 00 (O V O M N O) O 00 O) 00 O) LO O) CO O) I- O 00 LO (O I- O V I- O O 00 I- 00 (O (O O) 00 M V I- O LO (O (O 00 CO CO N V (O LO O) (O V M O M In N 00 r M O) r- V LQ V O 00 M O LQ '0 N r CO 00 I- O) O) V 00 V CO O 00 I- r O V CO CO (O N (O O LO LO I- O (O 00 N CO 0') LO I- LO N V 0') 0 00 LO N N Cl) �/ C > N V V V V V (O O 00 00 M I- M 00 LQO) O) V V N O Ln O) Ln O) U a=. CO V CO O O O CO O O T (O I- r r 00 (O r (O (O LO LO LO LO u- Ct O N N N tf) ER tR ER ER ER ER ER ER ER ER ER ER ER ER ER 0 W N y ER 691 691 691 691 EA 691 691 691 _ '0 R I Q �• r c > } y 0 0 00 R O O O O O O O O O O O O O O O O O O O O O O O O O (") J0 Q y N N N N N N N N N N N N N N N N N N N N N N N N Ncu N Y y O CO R Q a+T E cu a) >1 C Lo c o _r_ U J Q N V O O U � +� >, y 0 a) C t 0 O c �C > O - 0 E N 0 R N E c 0 E .S E >� E >— X > E o c E 0) .� -0 .c a� � >> cu a CL } m U z z oo m C1 (o > U- > J > a Z 2E Q Li w z Q (n J a > U O V y C V O .--I co N m V Ln l0 I� 00 Ol O .--I N m V Ln C y c-I N m V Lf) l0 I� 00 Ol a-i 1-1 � .-i N N N N N N 0 LL 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.