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Assessors report roughly $200,000 in new growth revenue, small shortfall vs. projection
Summary
Assessment staff reported about $200,000 in new growth revenue, roughly $20,000 below the $220,000 figure used in budget projections; staff said they expect to reconcile the difference with finance and noted permit timing may delay growth realization into future fiscal years.
Speaker 2 (Assessor/assessment staff) reported to the board that tabulated new growth revenue for the period came in "right at $200,000 in new revenue," roughly $20,000 short of the $220,000 figure in the town's budget projections. Speaker 2 said "the folks upstairs were delighted to hear that" and indicated staff would work with finance to reconcile the discrepancy.
Board members asked about the development and permitting pipeline that drives new growth. Speaker 2 and others discussed the town's five-year track record and current projects — including references to an "Apollo" development — but noted that permits now in the pipeline may not yield taxable growth in Town of Lakeville's FY2027.
Speaker 3 asked whether the building commissioner could provide guidance on upcoming permits and potential surges in assessed value. Speaker 2 said staff can only provide a projection based on current permits and historic trends.
Next steps: staff will continue tracking permit activity and coordinate with the finance office to refine revenue projections ahead of budget decisions.
