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CLASSIFICATION HEARING

CLASSIFICATION HEARING. Presented by John H. Neas Chief Assessor. PROPOSED TAX RATE. The proposed tax rate for Fiscal Year 2014 is $17.43 per thousand of valuation. In general, all classes of property increased from 1/2% to 3% + or -. Statistics. A Sample Street.

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CLASSIFICATION HEARING

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  1. CLASSIFICATION HEARING Presented by John H. Neas Chief Assessor

  2. PROPOSED TAX RATE • The proposed tax rate for Fiscal Year 2014 is $17.43 per thousand of valuation. • In general, all classes of property increased from 1/2% to 3% + or -.

  3. Statistics

  4. A Sample Street

  5. Statistics from the Warren Group

  6. Some of the Reasons for Increase or Decrease in Property Value • Addition • Changes to the Property Record Card • Cyclical Inspection • Demolition • Fire Damage • Market Changes • New Construction • Permit Inspection • Renovations

  7. REAL ESTATE ASSESSMENTS • The average assessment for a single family home is $423,000. • The average tax bill for this assessment is $7,400. • The average assessment for a residential condominium is $366,000. • The average tax bill for this assessment is $6,400. • The average assessment for commercial property is $602,000. • The average tax bill for this assessment is $10,500. • The average assessment for industrial property is $200,000. • The average tax bill for this assessment is $3,500.

  8. Classification OptionsWhat If Scenarios

  9. Who Determines the Tax Rate • The responsibility of the Assessor is to fairly value all of the property in Town. • The Assessor does not set the tax rate. • The tax rate is determined each year as a result of the amount of money the town and the residents decide to spend at Town Meeting. • The residents choose what services they would like the town to provide and decide whether or not they can afford those services and are partly responsible for any increase or decrease in the total amount of spending and any increase or decrease in the tax rate. • So in effect the residents of Norfolk that participate in the Town Meeting process play a role in setting the tax rate.

  10. Formula to Determine the Tax Rate

  11. Classification Options

  12. 125% Split Rate • A single family house with an average assessment of $423,000 would save about $125 per year. • A residential condominium with an average assessment of $366,000 would save about $125 per year. • A commercial property with an average assessment of $602,000 would pay an additional $2,500 per year. • An industrial property with an average assessment of $200,000 would pay an additional $900 per year.

  13. 150% SPLIT RATE • A single family house with an average assessment of $423,000 would save about $275 per year. • A residential condominium with an average assessment of $366,000 would save about $225 per year. • A commercial property with an average assessment of $602,000 would pay an additional $5,250 per year. • An industrial property with an average assessment of $200,000 would pay an additional $1,750 per year.

  14. Tax Rate Comparison

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