Wednesday, November 22, 2017

In the News: Bellingham to set split tax rates

From the Milford Daily News, articles of interest for Franklin:
"This year’s tax rate is expected to hew closely to last year’s, town officials announced this week. 
Selectmen held a tax classification hearing on Monday, with the board opting to retain its current split between residential and commercial tax rates. The hearing was continued to Nov. 29, as issues related to power-plant payments in lieu of taxes must be settled. 
Town Chief Financial Officer Chris Laviolette said the proposed tax rate for a residential property would be $14.34 per thousand dollars of assessed value - the same amount as last year’s actual tax rate. He noted, though, that the number could be affected by a number of things, including abatements and exemptions for taxpayers who meet certain criteria (those who are veterans, blind or elderly, for example)."

Continue reading the article online (subscription may be required)

At the tax rate hearing scheduled for Wednesday, Nov 29, the Town Council will make a couple of decisions. The two significant decisions would be (1) single rate vs. split tax rate and (2) agreeing with the Board of Assessors math to set the Franklin FY 2018 tax rate.

Franklin has historically had a single tax rate. To move to a split rate would mean that lowering the residential rate by $1 would raise the business/commercial rate by $4. The amount of commercial industrial property in Franklin is not sufficient to justify a split tax rate.

In advance of the actual calculations for this year, you can find the prior year numbers in the archives:

FY 2017

FY 2015

What does the Board of Assessors do?

MA DLS has a nice Prop 2 1/2 explanation that can be found here

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