CMA 2004-263

The votes necessary to seek the Massachusetts Department of Revenue approval for the tax rate for FY2005: A. Authorize the further use of Free Cash of $5,650,000 to offset the 2005 tax rate as follows: Operating Budget: $2,150,000; Public Investment: $1,500,000; and Tax Support Reduction: $2,000,000; B. Classify property into five classes; C. Adopt a minimum residential factor of 59.5733%; D. Approve the maximum residential exemption factor of 30% for owner-occupied homes; E. Double the normal value of the statutory exemptions for FY2005; F. Increase the FY2005 exemption allowed under MGL Chapter 59, Section 5, Clause 17D from $227.65 to $236.30; G. Increase the income limit for deferral of real estate taxes by elderly persons from $20,000 to $40,000; and H. Transfer $1,987,095 of Overlay Reserve Funds to an Overlay Surplus Reserve Account to be used as a revenue offset to the Fiscal 2005 tax rate. (Eight Roll Call Orders)

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