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HomeMy WebLinkAbout2016-12-19 Finance Committee MinutesFINANCE COMMITTEE MINUTES December 19, 2016 @ 5:15 pm Councilors in Attendance: Baldacci, Weston, Sprague, Nealley, Nichols, Graham, Faircloth Staff in Attendance: Cyr, Conlow, Emery, Drew 1. Disposition of 4 Mill Street Motion made and seconded to recommend disposition to the City Council. Motion passed unanimously. 2. Assessors Update — Homestead Exemption Review and Personal Property Assessment Packet The City Assessor updated the Committee on a recent project to verify homestead exemptions. A number of exemptions were removed. Assessing also created a form to remove the exemption and will incorporate this process into their day to day changes as well as revisit annually. The City Assessor apprised the Committee of new information that will be provided to business equipment tax payers. If a listing isn't provided by the taxpayer, the taxable base is automatically increased by some percent. This year the taxpayers will be notified how much that increase was. It is an attempt to receive more completed forms and enable us to provide information regarding the BETR and BETE programs that the taxpayers might be eligible for. Councilors indicated that the forms are long and arduous requiring a lot of time, effort and detail. The City Assessor shared that personal property taxes are required to be assessed by State Statute. It was noted that personal property generates approximately $4.8 million of tax revenue. Meeting adjourned 5;43 pm