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HomeMy WebLinkAbout1993-03-10 Board of Assessors MinutesTown of Reading W 16 Lowell Street Reading,.MA 01867-2693 - NCO FAX: (617) 942-9070 BOARD OFAASSESSORS 61 942 9027 - ASSESSORS MINUTE& i . MARCH 10,- 1993 MEETING WAS HELD AT 6:30 P.M. APPOINTMEN.TS.• - 7`:00 P.M. - MR. MICHAEL MIANO MET MTh THE. BOARD OF ASSESSORS.- THE: BOARD VOTED 3-0-0 TO. ABATE. 100 MAIN ST.'$'FY'93 5$0' VALUE TO $9161,100 AND .MAIN •ST. _ TO $1;075,000 7:30 P.M. MR. ROBERT-'CATNES MET WITH THE BQARD OF ASSESSORS TO DISCUSS , ' : THE FY" 93 VALUE OF: 374 , MAIN :ST: OLD BUSINESS . 1. MIN,UTES:OF PREVIOUS-MEETING - MARCH 1?s 1993. HOLD FOR :NEXT MEETING. , 2.: APPRAISEWS REPORT., - ATTACHED.. DISCUSS ABATEMENT APPLICATIONS. DISCUSSED.,. NEW BUSINESS CORRESPONDENCE k r NOT". ti . SIGNINGS.' LEVY OF 1993. ABATEMENTS Y. y $ 1,979.23 1992 M.V., EXCISE ABATEMENTS rt 1993 M.V.: EXCISE. ABATEMENS 13$;84 . $ 1,07697. LEVY OF 1993 EXEMPTIONS $15,650.00 ASSESSORS MINUTES (CONTD PAGE 2. MARCH 11, 19993 SIGNINGS END-0f, :THE '.IiONTH "FIGURES - SEPTEMBER 1992 #.991 M.V., EXCISE ABATEMENTS, $ 126.04 • 1992: M.V. 'EXCISE ABATEMENTS 545..60 LEVY OF'1991 BETTERMENT $ 22.40 PRIN. $ 11.9 INT. LEVY OF 10,92 BETTERMENT 22,.40 PRIN. " ' $ 9:68 INT. END OF,THE MONTH FIGURES - JANUARY 1 903 :.1901, M..V.: EXCISE . ABATEMENTS $ 18' 33. . 1992 M..V. EXCISE ABATEMENTS $1;364.86, .:.LEVY, GF 1993 `EXEMPTIONS $84,224 .77 LEVY OF 19:93.1PERSONAL PROPERTY. ABATEMENTS . $ 315.00 END OF MONTH FIGURES --FEBRUARY 1993: 1992.M.V. EXCISE` ABATEMENTS $ 1,201.42 , 1993 H.V. EXCISE ABATEMENTS.. LEVY OF 1993,EXEMPTIONS $22,258.48 LEVY OF 1993 TRASH LIEN y $ 16.15 LEVY OF 1993 P.P. ABATEMENTS' $ , 377.50 LEVY OF 1993 ABATEMENTS $ 8,212.37 GENERAL BUSINESS WAS CONDUCTED , ~ . - -ter- MR. DAVID R.,NUGENT, CHAIRMAN, MR. ROBERT Ii.NORDSTRAND, AND MRS. MARY S. ZIEGLER WEW PRESENT.AT THIS MEETING. 1. SHOULD SEND SOMEONE FROM THE OFFICE TO 4/7/93;MEETING IN STOUGHTON - ASK TOWN MANAGER. r . . 2. -SENL;SOMEONE.TO WALTHAM-MEBTING ON,PERSONAL PROPERTY ON 411/93.: 3.' EXEMPTIONS - PUT DEADLINE FGR :FILING ON,, CABLE p 4. NEXT: MEETIN . `3%15j93'lFT,6.3O:F"..M } ADJOURNED: 9:30 P.M. 1 1KINADFrARTM(NIAL MEMORANDA YOH ~ Pft`'ri 53 I_ WO O DAI R" I APPRAISER'S RIPORI A A A W N. 'n x. A* A A A A A 'A A A F; A A. A * A A' A:" X A A A' X A j* W A. A A A Y. A A* A A' A A A A* A A A A A A X A A' 'A: A A A A * A A A 1. The total :application. for abatement for f=Y1993, timely filed, is. 110. To date,` there are appruxi.matel.y. 90 t.hat have been reviewed and/or signed by the f'oa.rd; which 'represents approximately 821. The total amount abated to date is $13.13M3. This repre6ent'r an abatement rate of 6©% and denial rate of 40%. Only 20 remain,; on appoi.ntment for 4 of the bank. ,properties has been scheduled, for 03/15/93 where taxp;-aye'r Representative David Stuns'e of Property Tex Rl search Cpmpany will discuss the taxpayer. greivance. . There hive been approximately 481 exemption applications: filed to :(,:ate; 7 5 of the total 650, that are expected to, be filed for. FY93. Inclusive in this figure is 21 deferrals' that have been filed. Me exTmption_ acted an to date,' hive totalled 322.113.2 The total of the 21 deferral it 3~I1,91'4.14, The total amount of the rc'r l ay reduction by thre eke ptions is $122,333.25 (58t) of the .:time=:ted $210,00p. A h FY1993 Ovvrlay Account is $377.663.54. To date. the sum total. .o the Exemptions and Abatements is $136,2.6j..38. (as an estimate) hi leave,_ an effective overlay balance of $142, ~ 1t (e• :t.imat.e'1 The free'', cash account, which is charged for the Deferrals,, i.s to qt...' effectively charged with $41,914.14. 4. julie and I have done some preliminary analysis can the 1992 sale-, up to the month of September. There have been approximately 190 single family sales which generate a median of 92% and a C.O.D. o 7.67. The condos are at a 94%'with a C.O.D. of 7.74 given the 16 sales we have. A detailed breakdown of the sales stratified on the selling price. neighborhood, age, etc. will be prepared for the Boards' review after the abatement process. At a quick glance though, the assessments overall appear to be holding., 5. The sale prices of the ,Reading School House Aution have been. given to ors, by an attendee. JuM and I have developed a price per square loot given the sale prices of tf'ie" units. Using this valuation schemm uhi c:h somewhat discounts the upper fl oor° and the basement floor units. yeild'a a median of 9S and a C.O.D. of 2.86 with a sample size of 30. Kivon the expocure that this auction had 'and'the estimated TOO registered bidder turnout, I be:leive these auction prices to be markei. and should set: thv valuation for these units. See attached sheet for the su,ccess;•ful bid prices. ~ poor 6. The Reading Housing Authority can b? granted an abatement under CH 59 Section 72A. .I. will draft a letter to the Reading Schoolhouse Associah?c and cc: a copy to Peg Planski which will in effect inform the Reading School House Ass ociati.on that the bill issued has been reduced by an amount equal to the Housing Authorities tax liabilities, and collection Irom them has been made by way of the abatement. 7. Personnel Shedulesz Faye will be taking a well deserved vacation 03/15,x`9: to 03129/93; where she will be vacationing on 'the Cape. Julie will be vacationing in Washington D.C. ©A/02/93 to 04/08193. Elinor will be vi':c:ationi.ng in Bermuda from.OA/19/93 to 04/26192. cc. Beth Klepei.w: t Julie Cosentino