HomeMy WebLinkAbout2018-07-13-REPSC-min Residential Exemption Policy Study Committee(Ad Hoc)
Friday,July 13,2018
Hudson Room,Cary Memorial Building
Approved Minutes
Attendance:
Mark Andersen, Chair;Vicki Blier; Howard Cloth;Thomas Whelan; Sara Bothwell Allen; Katie Cutler;
John Zhao (joined meeting in progress),Joe Pato, Selectman Liaison (absent). Guest Bob Pressman.
Mr. Andersen called the meeting to order at 8:06am.
Public Comments:There were no public comments.
Approval of Minutes: The minutes of the 6/22/18 Meeting were approved.
Reaction to Selectman's Meeting of 6/25/18:
The Committee felt that the Board of Selectman were supportive of our efforts and were pleased that
our charge was extended until the end of the calendar year. Mr. Andersen noted that Joe Pato will
include the wording of the Board's action on the agenda of an upcoming meeting for official approval.
Means Tested Property Tax Exemption:
Mr. Andersen raised the subject of a Means Tested Program. What would be the deadline for filing an
application for an exemption? How many home owners in Lexington qualify for an exemption? What
would the Town need to set aside to cover the expected cost of the program? Ms. Blier asked for
suggested questions to be presented to Rob Addelson (former Assistant Lexington Town Manager for
Finance). Ms. Cutler asked whether we should speak with someone from a community that has dealt
with this type of program first hand.
Subject Matter-Expert Input:
Ms. Cutler indicated that Robert Cohen and Beth Sager have committed for the 7/27/18 Brokers
Roundtable. She noted that it has been difficult to get responses from local brokers that she has
reached out to. She plans to contact Lester Savage who could provide input on high end homes. The
Committee suggested a meeting time of 8:15-9:00 am for the brokers with all present for the allotted
time frame.
Mr. Zhao agreed to reach out to the Asian community.
The Committee then began to discuss possible questions for the panel:
• What does a buyer look at when looking to purchase a home in Lexington?
• What percentage of homes are purchased without a mortgage?
• What is the threshold for those renting their home to decide to sell?
• What is the motivation to rent or sell?
• Why are people deciding to sell their homes?
• What percentage of people purchasing homes in Lexington are constrained by the ability to pay?
• Will the rental stock remain at the current level?
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• Ms. Blier raised the question of"Snow Birds". In order to enjoy the Florida tax benefits,you
must reside in Florida for six months and a day. Are they renting their Lexington property for six
months? Will they decide to sell?
• Would a drop in real estate taxes increase the ability of an individual to buy in Lexington?
• How do you advise a client who is planning to sell their home, sell on the market or deal with a
developer?
• The question of inheritances. Would an increase in taxes impact how inherited homes are
treated?
• Would increases in taxes affect developers?
Mr. Andersen will send Ms. Cutler a summary of the proposed questions for brokers.
Ms. Cutler plans to send brokers an overview of the Real Estate Exemption Program.
Resident Survey Proposal:
Ms. Bothway Allen reached out to Charlotte Rogers re their planned survey.Their survey is of a much
larger scope. The timing also would not be good for our Committee. The draft may not be ready until
the spring. Mr. Andersen spoke to Peggy Enders.Their survey is aimed at bicyclists. Ms. Bothwell Allen
noted that Survey Monkey has a limit of ten questions. Mr. Cloth stated that the survey must be for a
wider spectrum of citizens to be effective. Further discussion is needed and will be on the agenda for
our 7/20/18 meeting.
The Committee will be meeting on 7/20/18 and 7/27/18.
Mr. Andersen adjourned the meeting at 9:35 am.
Respectfully submitted,
Thomas Whelan, acting secretary
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