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Council raises personal property exemption to $10,000 to ease burden on small businesses
Summary
Lynn moved its local threshold for taxable personal property from $5,000 to the state-allowed $10,000 to reduce administrative burden and help small businesses; staff estimated the change would affect about 350 accounts and reduce billed taxes by about $45,000 across $9.5 million in assessed personal property.
The Lynn City Council on May 27 approved increasing the personal-property valuation exemption from $5,000 to $10,000, the state maximum, to reduce administrative burden on both the city and small businesses.
City staff explained that personal-property tax bills often produce low…
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