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HomeMy WebLinkAbout2021-12-27 Finance Committee Minutes FINANCE COMMITTEE MINUTES December 27, 2021 Councilors in Attendance: Yacoubagha, Okafor, Hawes, Sprague, Fournier Staff in Attendance: Laurie, Hathaway, Drew 1. Bids/Purchasing a. Public Safety Call Recording Upgrade – Acorn Recording Solutions - $22,300 Motion made and seconded to approve the purchase, motion passed unanimously. 2. Assessor’s Update a. Ratio Analyses by Census Tract Annually the City Assessor uses sales data by neighborhood to determine what if any adjustments should be made to the valuation of residential properties. The Assessor used this same data applied it to census tracts versus individual neighborhoods as an additional means to ensure that assessments are fair and equitable across the City. The results of this analyses were virtually identical to those obtained by neighborhood. These additional steps were taken to further verify the accuracy and reliability of the City’s approach. b. State of Maine Property Tax Deferral Program The City Assessor provided an overview of the State of Maine’s new tax deferral program for qualifying owners of owner-occupied properties. This new program will be effective for the City’s upcoming FY 2023 tax year. The program will allow for the owner, who meets the income, age or disability eligibility requirements, of a home that receives the homestead exemption to apply for a deferral of taxes on that home. The State will pay the taxes to the municipality on behalf of those qualifying homeowners. Meeting adjourned at 6:53 pm