Difference between revisions of "Town Meeting:The Tax Rate"
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{{Town Meeting In Lexington Header}} | |||
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Each year the Assessors make a new estimate of the total assessed value of all taxable property in Town for the following fiscal year. They then calculate a uniform single tax rate based upon the appropriations voted by the Town Meeting, state assessments, and overlay. From this gross amount are deducted the estimated receipts from all sources. | Each year the Assessors make a new estimate of the total assessed value of all taxable property in Town for the following fiscal year. They then calculate a uniform single tax rate based upon the appropriations voted by the Town Meeting, state assessments, and overlay. From this gross amount are deducted the estimated receipts from all sources. | ||
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The annual increase in real estate taxes is limited by law, which in turn limits the increase in the Town's expenditures unless an override is voted. For more information, see the section titled '''Proposition 2½ and Overrides''' on page 15. | The annual increase in real estate taxes is limited by law, which in turn limits the increase in the Town's expenditures unless an override is voted. For more information, see the section titled '''Proposition 2½ and Overrides''' on page 15. | ||
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[[Category:Local Politics]] | |||
[[Category:Town Meeting|Town Meeting]] | |||
[[Category:Town Meeting In Lexington|Town Meeting In Lexington]] | |||
{{Town Meeting In Lexington Footer}} | |||
{{DISPLAYTITLE:The Tax Rate and Lexington Town Meeting}} | |||
Latest revision as of 14:11, 26 April 2014
Each year the Assessors make a new estimate of the total assessed value of all taxable property in Town for the following fiscal year. They then calculate a uniform single tax rate based upon the appropriations voted by the Town Meeting, state assessments, and overlay. From this gross amount are deducted the estimated receipts from all sources.
The Selectmen then set both the residential and commercial real estate tax rates for the year at a Tax Classification Hearing where they decide how much of the tax burden, if any, will be shifted to the commercial and industrial class of property.
The annual increase in real estate taxes is limited by law, which in turn limits the increase in the Town's expenditures unless an override is voted. For more information, see the section titled Proposition 2½ and Overrides on page 15.