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Certified ratio reduces homestead exemption; Board warns of lower tax relief for residents
Summary
The Board of Assessors heard that the current certified ratio (59%) reduces the $25,000 homestead exemption to $14,750 in assessed value, cutting tax relief for residents; the Clerk presented the calculation and the Board discussed implications for taxpayers.
At its June 17 meeting the Board of Assessors was told the town's certified ratio of 59% substantially reduces the value of the Homestead Exemption for property-tax relief. The Clerk provided the overview, saying the $25,000 exemption, when multiplied by the certified ratio, yields $14,750 in assessed value rather than the full $25,000, diminishing the exemption's effect on tax bills.
The Clerk explained that the certified ratio is the assessment-to-market ratio applied to exemptions and assessments; because the current ratio is below 100 percent, statutory exemptions translate to smaller assessed-value reductions. Board members discussed how a lower ratio reduces the immediate tax relief residents receive and noted the implications for budgeting and communications to taxpayers.
The Board did not take a formal vote on changes to exemptions at the meeting. The Clerk provided the figures for the Board's information and indicated the topic may be revisited as part of broader assessment and tax-rate planning. The Board's next regular meeting is scheduled for July 1, 2025.
