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Select Board reviews proposed increases to elderly property-tax exemptions, asks for fiscal impact analysis
Summary
Staff proposed raising Swansea's elderly property-tax exemption amounts and income limits (e.g., 65—674 exemption from $25,000 to $50,000; 80+ from $40,000 to $100,000). Board members supported revisiting the rates but asked staff to model fiscal impacts and to return with consistent, dated budget documents before placing changes on the warrant.
Town staff presented a review of Swansea's elderly exemption schedules (adopted in 2009) and proposed a set of increased exemption amounts and higher qualifying income limits to reflect inflation and rising assessments.
Staff said the current exemptions are $25,000 (age 65—674), $35,000 (75—679) and $40,000 (80+), and recommended raising the amounts to $50,000, $75,000 and $100,000 respectively; staff also proposed…
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