Wednesday, November 28, 2007

Live blogging - Town Council Meeting 11/28/07

Tax Rate Citizen comment portion

Michael LeBlanc speaking

Commercial/Industrial properties

64 properties sold from 2004 to 2007, reduced to 54 for analysis
pre-assessed value of these properties sold $264
difference is 96 million, assessment 36% below what they were sold for

9 of the properties, had an assessed value higher than the sale price
55 were below, Franklin Village was the single biggest difference

family homes

895 properties, presale 384 million 5%
262 were assessed higher than sale
633 were valued less than sale price

From Kevin - Board of Assessors in response to questions from M LeBlanc

more than 50% of the properties provide the information on income and expenses
if they don't supply the information, the business would waive their right to appeal the tax assessment, they may jeopardize their appeal at the state level, they are also subject to a $50 penalty.

there were several properties in the Industrial Park that were assessed for 45.7 million, sold for 67.8 million; the current year assessments went down to 42 million.

Summary: The business are effectively getting a tax break of about $2.5 million that the residents are picking up.

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