Jeff Nutting reviews the proposal for the Town Council to change the allocation of the Hotel Tax. He proposes to use $90,000 for an architect to provide an assessment on repairs required for the library. He also proposes to use $200,000 to make repairs to the old Senior Center in preparation for the Museum.
The Town Council would need to make a vote to appropriate the money for these uses. Otherwise, the money would go into the open space fund as originally allocated.
The vote would need to take place before the tax rate is set at the meeting next week.
Wednesday, November 28, 2007
Live blogging - Town Council Meeting 11/28/07
Tax rate - Citizen Portion
Ken Norman
Ken Norman
Michael Leblanc is an honorable man, I have worked with him, he does good analysis. I would caution you to use the information he has provided carefully... Let's get Mr Whalen and Mr LeBlanc together and see what they can come up with.
Live blogging - Town Council Meeting 11/28/07
Tax rate - Citizen portion
Michael Doherty
"If there is a problem with assessments, fix that problem, do not address it with it a split tax rate... Franklin needs to be competitive with India as well as Indiana... You increase the pie by selling the properties we are trying to, get them on the tax role."
Michael Doherty
"If there is a problem with assessments, fix that problem, do not address it with it a split tax rate... Franklin needs to be competitive with India as well as Indiana... You increase the pie by selling the properties we are trying to, get them on the tax role."
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.
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.
Live blogging - Town Council Meeting 11/28/07
Tax rate Q&A
Jeff Nutting proposed to pick the properties that sold around $1 million, which would be about 20 or so properties, to re-do the calculation and include that years assessed value for those properties to make a determination as to whether there is an undervaluation of business commercial properties.
Jeff Nutting proposed to pick the properties that sold around $1 million, which would be about 20 or so properties, to re-do the calculation and include that years assessed value for those properties to make a determination as to whether there is an undervaluation of business commercial properties.
Live blogging - Town Council Meeting 11/28/07
Tax rate Q&A
After some clarification, yes, they can and will do that.
Can you re-cast this spreadsheet to show the assessed valuation at the time of the sale? Could you do that for us?from Stephen Whalen during this discussion
After some clarification, yes, they can and will do that.
Town Council Tax Hearing 1
The presentation by the Tax Assessors on 11/28/07 and their recommendation for the tax rate for FY 09
Time: 5 minutes, 42 seconds
MP3 File
Time: 5 minutes, 42 seconds
MP3 File
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