Thread by @FranklinMatters

About to report on the Finance Committee meeting tonight, agenda franklinma.gov/finance-commit… #fincom1026

Focus on the process for the assessments that effectively is the cash register for Franklin #fincom1026 real, personal property and motor vehicle excise taxes account for 60% of the Town revenue. How is the assessment related to the market?

Building permits contribute to new growth. These are increases to the levy in excess of the 2.5% cap required w/o an override. Last year's excise file was approx $4M and generated a lot of bills. Errors can be corrected via appeal. 3 appraisers out collecting data #fincom1026

Tax info feeds to the GIS for updates to the map available on Town page. #fincom1026 mandate to review property every 10 years
An agent for the Town does the personal property for about 1/3 of the communities including us, they can handle the property better, more accurately

For this year's tax bill, calendar year 2021 and the associated real estate values are applicable. #fincom1026 high standards for statistical use of the data for evaluation. COD coefficient of dispersion (a measure of the spread from the median)

Use the income model across the broad stream of like commercial property so if a property is vacant, the assessment is equitable but not necessarily decreasing #fincom1026
A visit can be every 10 years for residential but the reevaluation is adjusted annually

Q who says the value of this land is more or less than the other in Franklin? A - dictated by the market, there are quality factors be applied
Future topic: finances on when to go for a TAN, BAN, etc. Checking account for the state is online, could we do that? #fincom1026

Motion to adjourn, passes 6-0 via roll call

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