Showing posts with label tax rate. Show all posts
Showing posts with label tax rate. Show all posts

Wednesday, November 22, 2023

Franklin's tax rate will decrease to $11.79/thousand for FY 2024 (video)

In about 35 minutes, the Franklin (MA) Town Council heard the tax assessor's update and voted on the series of resolutions to approve setting the tax rate for FY 2024 as $11.79/thousand.

The tax rate is in and of itself a simple calculation: how much revenue do we need to raise from the total assessed value of Franklin? As most folks would realize, the valuations have been rising recently. 

The table here depicts the last 5 years 2020-2024 for assessed value by property classification.

Residential Commercial Industrial Personal Property Total 

2020 4,506,862,400 384,322,107 502,632,510 188,319,520 5,582,136,537
2021 4,684,479,315 385,565,160 515,163,940 188,874,770 5,774,083,185
2022 5,037,676,355 415,756,887 568,964,110 216,250,290 6,238,647,642
2023 5,876,670,670 471,504,398 657,052,300 230,364,400 7,235,591,768
2024 6,473,395,910 523,347,555 734,290,380 259,381,120 7,990,414,965

The combination of new growth and the 'automatic' 2.5% increase allowed provides the revenue allowed to be raised to fund the budget approved by the Town Council. The final adjustment for the FY 2024 budget was approved by the Finance Committee on Nov 8 and then by the Council Nov 15.

The key decision at the tax rate hearing is to maintain the single tax rate or move to a split tax rate. The Board of Assessors memo to the Council lays out the argument distinctly:
"A single tax rate means that all property classes (residential, commercial, industrial and personal) are taxed at the same tax rate. A dual tax rate means the commercial-industrial-personal tax rate is increased while the residential rate is decreased. In other words, some of the residential tax burden is shifted towards commercial, industrial and personal properties.

Please note that a dual tax rate does not produce more tax revenue, it simply shifts the burden." (Bold added for emphasis)
Franklin has historically had an approximate 80-20 split between residential and commercial/industrial as shown in the following chart.

the residential vs. commercial/industrial split has been in the 80-20 range over time
the residential vs. commercial/industrial split has been in the 80-20 range over time

As the assessed valuation increases over time, the tax rate will drop. As the valuation decreases, the tax rate will increase. The tax rate is a good talking point but is simply the result of math driven by the assessed values and the amount to be raised to meet the budget.
as the assessed valuation increases, the rate decreases, and vice versa
as the assessed valuation increases, the rate decreases, and vice versa
The rate means little to the average home owner. Whether the rate goes up or down, it is more important to know what the valuation of the residence is. The chart here shows that over time, the tax rate can go up or down but the average tax bill will continue to increase.
whether the rate goes up or down, the overall tax bill does increase
whether the rate goes up or down, the overall tax bill does increase

The Town Council agenda includes the tax rate hearing information from which these charts were created.     https://www.franklinma.gov/sites/g/files/vyhlif10036/f/agendas/november_21_2023_town_council_tax_hearing_agenda.pdf


Franklin TV video link ->  https://www.youtube.com/watch?v=1qrgc2zjfLE


Tuesday, November 21, 2023

Tax Rate Hearing - Charts to help understand the Town of Franklin rate, tax bill, and assessed valuation relationship

DATE:  November 21, 2023 

To:  Town Council 

FROM: Board of Assessors
Kevin W. Doyle, Director of Assessing
 
RE: FY 2024 Tax Rate Hearing


Please find attached our information related to the annual Tax Rate Hearing. The hearing is required by Law and is intended primarily for the Town Council to determine whether the FY 24 Tax Rate (July 1, 2023 - June 30, 2024) will be a single/uniform or a dual/split tax rate.

A single tax rate means that all property classes (residential, commercial, industrial and personal) are taxed at the same tax rate. A dual tax rate means the commercial-industrial-personal tax rate is increased while the residential rate is decreased. In other words, some of the residential tax burden is shifted towards commercial, industrial and personal properties.

PLEASE NOTE THAT A DUAL TAX RATE DOES NOT PRODUCE MORE TAX REVENUE, IT SIMPLY SHIFTS THE BURDEN.

Currently the single tax rate for FY 23 is $12.58 and the proposed tax rate for FY 24 rate is $11.79. The average single family assessment value increased from $593,800 to $650,400 or $56,600 (9.5%). For the average single family assessed at $650,400, the tax bill will increase by $198 a year. Individual homes may increase or decrease depending on numerous other factors.

Approximately 81% of property tax valuation and thus tax revenue is from residential taxes and 19% from commercial, industrial and personal property (CIP) taxes. If the council voted for a duel tax rate then then the shift from Residential to CIP would be on a 4 to 1 basis. For example if the Residential tax rate was lowered by $1 per thousand dollars valuation, the CIP tax rate would need to increase by $4 to offset the reduction in taxes collected by Residential properties.
 
Franklin has always had a single rate; we're happy to answer any questions that you may have.

Special Note: We send out quarterly tax bills. The first two (July and October) are preliminary largely based on last fiscal year's bills. The final two tax bills in January and April are based on the Actual Tax Rate and Final Assessment of each property. Accordingly the four quarterly bills are usually different. The first two are generally lower while the last two are higher.

Simple Example - Your last year's tax bill was $6,000 and this year it goes up $200 for a total of $6,200. Your first two bills would be $1,500 each for a total of $3,000. The last two tax bills are the final actual total less the first two preliminary tax amounts ($6,200 minus $3,000 = $3,200) divided into the two (January and April) final installments ($1,600 each).

Many folks multiply their third quarterly $1,600 amount times four and think their new bill is $6,400 for the year. They need to look at the total annual tax as indicated on the actual 3rd Quarter Tax Bill, not just at one quarterly bill. Remember that valuations typically change annually in accordance with use of the State required data. The Total Tax Levy typically increases by 2 ½%(Proposition 2 ½), by New Growth Revenue (improvements and new properties added to the tax base), and by adjustments in the Debt Exclusion amount to be raised for payments on long-term capital projects (i.e. schools).


cover page for FranklinMatters.org explanation
cover page for FranklinMatters.org explanation

historical tax rate shown
historical tax rate shown

as the assessed valuation increases, the rate decreases, and vice versa
as the assessed valuation increases, the rate decreases, and vice versa

the residential vs. commercial/industrial split has been in the 80-20 range over time
the residential vs. commercial/industrial split has been in the 80-20 range over time


whether the rate goes up or down, the overall tax bill does increase
whether the rate goes up or down, the overall tax bill does increase

Sunday, November 19, 2023

Franklin, MA Town Council schedules tax rate public hearing - Nov 21 at 6 PM

FRANKLIN TOWN COUNCIL
Agenda & Meeting Packet
November 21, 2023 - 6:00 PM

Meeting will be held at the Municipal Building
2nd floor, Council Chambers
355 East Central Street


1. ANNOUNCEMENTS FROM THE CHAIR
a. This meeting is being recorded by Franklin TV and shown on Comcast channel 9 and Verizon Channel 29. This meeting may be recorded by others. 
b. Chair to identify members participating remotely.
c. Town sponsored event announcements
2. CITIZEN COMMENTS
a. Citizens are welcome to express their views for up to three minutes on a matter that is not on the agenda. The Council will not engage in a dialogue or comment on a matter raised during Citizen Comments. The Town Council will give remarks appropriate consideration and may ask
the Town Administrator to review the matter.
3. PUBLIC HEARINGS - 6:00 PM
a. Franklin Tax Classification Hearing
i. Legislation for Action Items: 4a, 4b, 4c, 4d, 4e
4. LEGISLATION FOR ACTION
a. Resolution 23-66: Tax Classification Residential Factor
(Motion to Approve Resolution 23-66 - Majority Vote)
b. Resolution 23-67: Tax Classification Open Space Exemption
(Motion to Approve Resolution 23-67 - Majority Vote)
c. Resolution 23-68: Tax Classification Small Business Exemption
(Motion to Approve Resolution 23-68 - Majority Vote)
d. Resolution 23-69: Tax Classification Residential Property Exemption
(Motion to Approve Resolution 23-69 - Majority Vote)
e. Resolution 23-70: Tax Classification Senior Means Tested Exemption
(Motion to Approve Resolution 23-70 - Majority Vote)
5. ADJOURN

Note: 
Two-Thirds Vote: requires 6 votes
Majority Vote: requires majority of members present and voting


Franklin, MA Town Council schedules tax rate public hearing - Nov 21 at 6 PM
Franklin, MA Town Council schedules tax rate public hearing - Nov 21 at 6 PM

Thursday, November 9, 2023

Franklin Tax Hearing - Notice of Public Hearing - Property Tax Classification - Nov 21 at 6 PM

The Franklin Town Council will hold a Public Hearing in the Council Chambers of the Municipal Building, 355 East Central Street, Franklin, MA on Tuesday, November 21, 2023 at 6:00 PM on the issue of allocating the local property tax levy among the 5 property classes for the Fiscal Year 2024. The hearing will provide an open forum for the discussion of local property tax policy. 

Interested taxpayers may present oral or written information on their views.

Prior to the setting of the tax rate, the Town Council must adopt a Residential Factor following which the Council selects the percentage of the levy to be borne by Commercial, Industrial and Personal Property.

Citizens are welcome to attend public meetings in person. Additionally, citizens will be able to
continue to participate remotely via phone OR Zoom. Residents can visit the Town Website
(Franklinma.gov) on and after November 17, 2023 and click on the Town Calendar for up to date information on how to access the meeting. If you have any questions, please call the Town
Administrator’s Office at (508) 520-4949.

Submitted by,

Julie McCann
Operations Assistant to the Town Administrator



Franklin Tax Hearing - Notice of Public Hearing - Property Tax Classification
Franklin Tax Hearing - Notice of Public Hearing - Property Tax Classification

Monday, August 28, 2023

Talking Property Tax Data Insights with Max Morrongiello - 08/10/23 (audio)

FM #1049 = This is the Franklin Matters radio show, number 1049 in the series. 


This session of the radio show shares some Mass Property Tax Data Insights as analyzed by Max Morrongiello. We had our conversation in the Franklin TV studio on Thursday, August 10, 2023.  


Max shares some insights from the linear regression analysis he performed with the available data from the US Census and Mass Dept of Revenue among other resources.


For example, Franklin property tax bills are about 4% less than the linear regression analysis would predict them to be.


The recording runs about 28 minutes. Let’s listen to my conversation with Max on Thursday, August 10, 2023

Audio file -> https://franklin-ma-matters.captivate.fm/episode/fm-1049-property-tax-data-insights-08-10-23


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Policy Brief on per pupil spending

https://drive.google.com/file/d/1LP5fI1Gm0NKkUuAYaWTKF2HSadjfinNY/view?usp=drive_link 


Are Franklin’s taxes low?

https://drive.google.com/file/d/1LJHukt7tGB3-dTLWyX5NoIJE8J8jZib3/view?usp=drive_link 


Data files used for the analysis

Microsoft Excel format ->

https://docs.google.com/spreadsheets/d/1uQE3e2_4RSj3zZRQ-9p7biDI-3Kk6E6d/edit?usp=drive_link&ouid=101938843903614700481&rtpof=true&sd=true 


Comma Separated Value format (CSV)

https://drive.google.com/file/d/1E90EFjLb0GkMrAFy75zXR7wqHHh5XgTV/view?usp=drive_link 


Info on JASP -> https://en.wikipedia.org/wiki/JASP   and   https://jasp-stats.org/jasp-materials/ 


Max’s LinkedIn profile -> https://www.linkedin.com/in/maxmorrongiello/  

And specifically on metrics and statistical analysis -> Maxwell Metrics: Policy Analytics & Consulting


You can contact Max via email -> Max.Morrongiello @ gmail dot com


--------------

We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  


This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.


How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors

  • If you don't like something here, please let me know


Through this feedback loop we can continue to make improvements. I thank you for listening.


For additional information, please visit Franklinmatters.org/ or www.franklin.news/


If you have questions or comments you can reach me directly at shersteve @ gmail dot com


The music for the intro and exit was provided by Michael Clark and the group "East of Shirley" . The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.


I hope you enjoy!

------------------


You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"


Talking Property Tax Data Insights with Max Morrongiello - 08/10/23 (audio)
Talking Property Tax Data Insights with Max Morrongiello - 08/10/23 (audio)


Sunday, December 4, 2022

This Town Council "Quarterbacking" session condenses the 11/30/22 meeting to about 28 minutes (audio)

FM #891 = This is the Franklin Matters radio show, number 891 in the series. 


This shares my conversation with Town Council Chair Tom Mercer. This is one of a series of conversations meant to provide a recap of the prior Council meeting. Akin to one of the many sports post-game analysis broadcasts we are familiar with in New England,  this would be a discussion focused on the Franklin Town Council meeting of Nov 30, 2022


  • ok, what just happened? 

  • What does it mean for Franklin residents and taxpayers?


We cover the following key topics

8. PRESENTATIONS / DISCUSSION

a. Presentation: Elks Riders Donation to Veterans’ Services Department


6. HEARINGS - 7:00 pm

a. Franklin Tax Classification Hearing

b. Resolution 22-77: Tax Classification Residential Factor

c. Resolution 22-78: Tax Classification Open Space Exemption

d. Resolution 22-79: Tax Classification Small Business Exemption

e. Resolution 22-80: Tax Classification Residential Property Exemption

f. Resolution 22-81: Tax Classification Senior Means Tested Exemption


g. Resolution 22-82: Declaration of Town-owned Property Containing “South Franklin Congregational Meeting House” Located at 762 Washington Street as Surplus and Authorization for Disposition (Sale) to Old Colony Habitat for Humanity


h. Resolution 22-83: Downtown Parking Lot Kiosks Authorization  


i. Resolution 22-84: 2023 Town Council Meeting Schedule


k. Resolution 22-85: Public Property Naming & Memorial Installation Policy


Our conversation runs about 28 minutes:


Links to the meeting agenda and associated documents released for this meeting are included in the show notes. 


Let’s listen to this session of Town Council Quarterbacking recorded Dec 1, 2022


Audio file -> 
https://franklin-ma-matters.captivate.fm/episode/fm-891-town-council-quarterbacking-12-01-22

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Meeting agenda and documents released for this session ->

https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/nov_30_town_council_agenda.pdf


Watch the Franklin.TV video replay on YouTube -> https://youtu.be/FXWkMcix63s


My notes in one threaded PDF document

https://drive.google.com/file/d/1uTxaQe3MXLug8od6xq5C_bqLzbDLoEjY/view?usp=share_link 


My 4 key tax rate charts as discussed in this session

https://www.franklinmatters.org/2022/11/good-news-tax-rate-is-going-down.html



--------------


We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  


This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.


How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors

  • If you don't like something here, please let me know


Through this feedback loop we can continue to make improvements. I thank you for listening.


For additional information, please visit Franklinmatters.org/ or www.franklin.news/


If you have questions or comments you can reach me directly at shersteve @ gmail dot com


The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.


I hope you enjoy!

------------------


You can also subscribe and listen to Franklin Matters audio on your favorite podcast app; search in "podcasts" for "Franklin Matters"


South Franklin Congregational Meeting House
South Franklin Congregational Meeting House

Saturday, December 3, 2022

Town Council accepts Elk Riders donation, sets tax rate, approves sale of South Meeting House and more (audio)

FM #890 = This is the Franklin Matters radio show, number 890 in the series. 


This session of the radio show shares the Town Council meeting held in Council Chambers on Wednesday, November 30, 2022. 7 members of the Council were present in the Council Chambers, one member remote (Pellegri) and one member absent (Dellorco), hence all votes were via roll call.


Quick summary of meeting:

  • Accepted donation from Elks Riders for the Veterans Services and Veterans Fund

  • Held the Tax Classification Public Hearing prior to approving the single rate at 12.58%. Overall residential assessments rose approx 17% resulting in the drop of the rate from 14.05 to 12.58. There were a series of votes to complete the formal process to set the rate for this Fiscal Year 2023

  • Approval to sell the Old South Meeting House to the Habitat for Humanity to convert to a single family affordable housing was granted by the Town Council to allow the Town Administrator to complete the paperwork and actions for the transaction

  • Formal approval to purchase the new kiosks to be used in the town parking lots to implement the parking bylaw changes approved in the prior meetings was granted

  • The Town Council approved as amended the calendar year 2023 meeting schedule. The one change was from Apr 9 to Apr 26. The document also included the Finance Committee and Community Preservation Committee proposed meeting schedules for reference. Those groups need to respectfully approve their own schedule

  • The policy to formally call out the process and approvals required for naming any public property was approved. It had been referenced many times that such a policy existed but when it was looked for it could not be found, hence this is now in place.  


The recording runs about 1 hour and 50 minutes, so let’s listen to the Town Council meeting on November 30, 2022.


Audio file ->  
https://franklin-ma-matters.captivate.fm/episode/fm-890-town-council-mtg-11-30-22


--------------


Meeting agenda and documents released for this session ->

https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/nov_30_town_council_agenda.pdf


Watch the Franklin.TV video replay on YouTube -> https://youtu.be/FXWkMcix63s


My notes in one threaded PDF document (one correction, on the vote for the single tax rate my notes said the no vote was cast by Chandler when it was really Sheridan. Twitter doesn’t allow for editing tweets hence this note of acknowledgment.)

https://drive.google.com/file/d/1uTxaQe3MXLug8od6xq5C_bqLzbDLoEjY/view?usp=share_link 


My 4 key tax rate charts as discussed in this session

https://www.franklinmatters.org/2022/11/good-news-tax-rate-is-going-down.html



--------------


We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  


This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.

 

How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors

  • If you don't like something here, please let me know


Through this feedback loop we can continue to make improvements. I thank you for listening.


For additional information, please visit Franklinmatters.org/ or www.franklin.news/


If you have questions or comments you can reach me directly at shersteve @ gmail dot com


The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.


I hope you enjoy!

------------------


You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"


Members of the Elks Riders presented a donation to the Veterans Fund
Members of the Elks Riders presented a donation to the Veterans Fund