CMA 2005-266

The votes necessary to seek the Massachusetts Department of Revenue approval for the tax rate for FY2006: A. Authorize the further use of Free Cash of $10,061,000 to offset the 2006 Tax Rate as follows: Operating Budget: $2,731,000; Public Investment: $1,330,000; and Tax Support Reduction: $6,000,000; B. Classify property into five classes; C. Adopt a minimum residential factor of 57.6419%; D. Approve a maximum residential exemption factor of 30% for owner-occupied homes; E. Double the normal value of the statutory exemptions for FY2006; F. Increase the FY2006 exemption allowed under MGL Chapter 59, Section 5, Clause 17D from $236.30 to $242.92; G. Increase the income limit for deferral of real estate taxes by elderly persons from $20,000 to $40,000; H. Transfer $2,000,000 of Overlay Reserve Funds to an Overlay Surplus Reserve Account to be used as a revenue offset to the Fiscal 2006 tax rate; and Stabilization Fund to be used as a revenue offset to

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