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1 2 OVERLAY: An account established annually to fund anticipated property tax abatements, exemptions and uncollected taxes in that year.fundabatements.

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Presentation on theme: "1 2 OVERLAY: An account established annually to fund anticipated property tax abatements, exemptions and uncollected taxes in that year.fundabatements."— Presentation transcript:

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3 2 OVERLAY: An account established annually to fund anticipated property tax abatements, exemptions and uncollected taxes in that year.fundabatements The overlay reserve is not established by the normal appropriation process, but rather is raised on the tax rate recapitulation sheet.appropriationtax rate recapitulation

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5 4 D.O.R.’s PUBLICATION; CITY AND TOWN, JUNE 2004, STATES: While the Board of Selectman can request a review of overlay accounts to determine if there is any surplus, any decision in this matter, however, rests solely with the Board of Assessors.

6 5 PRIOR YEARS OVERLAY $85,000 - Utility cases under appeal. $220,000 - Unpaid real and personal property taxes. $15,000 - Interim Certification, both residential and commercial. Greater than 10% change within a class. $20,000 - ATB cases under appeal. $20,000 - Release to Overlay Surplus TOTAL: $360,000

7 6 OVERLAY ACCOUNT RELEASE TO OVERLAY SURPLUS The Board of Assessors plan to release $20,000 to overlay surplus which will add to free cash. As unpaid taxes are collected ~ $220,000, there will be the potential to release more dollars to free cash.

8 7 FY 2009 OVERLAY

9 8 SOUTH SHORE TOWNS FY2009 TAX LEVY ~ $29 TO 16 MILLION BRIDGEWATER $29,673,024 PEMBROKE $29,385,084 NORWELL $29,331, 848 HANOVER $29,155,808 ABINGTON $24,478,278 E. BRIDGEWATER $19,182,984 WHITMAN $16,558,363

10 9 FY2009 OVERLAY RESERVE BRIDGEWATER $374,868 PEMBROKE $340,245 NORWELL $520,557 HANOVER $218,023 ABINGTON $358,525 E. BRIDGEWATER $533,641 WHITMAN $152,002

11 10 FY 2009 OVERLAY PERCENT OF LEVY E. BRIDGEWATER 2.78% NORWELL 1.80% ABINGTON 1.50% BRIDGEWATER 1.30% PEMBROKE 1.20% WHITMAN 0.92% HANOVER 0.70%

12 11 FY2009 AVERAGE AND MEDIAN % OF OVERLAY FOR South Shore COMMUNITIES’ PREVIOUSLY DISPLAYED Average 1.33% Median 1.40% Rockland FY % Rockland FY %

13 12 ROCKLAND FY 2009 ADDITION to GROWTH for POLES & WIRES AND CWIP Because the DOR valued poles & wires over public ways and construction work in progress for the first time. Close to $12,400,000 in new growth has been added However, the DOR is requiring that each city and town reserve the additional tax dollars in the overlay account since the cases are being appealed. Rockland Tax Amt. is $130,000.

14 OVERLAY BREAKDOWN $130,000 reserved per DOR request. $125,000 for exemptions to provide payment to qualified disabled veterans and elderly taxpayers. $170,000 for unpaid real and personal property taxes. $65,000 for potential abatements due to abatement application filings. Total: $490,000 Recap Overlay: $506,560

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16 15 WHY NOW IS NOT THE TIME TO UNDERFUND THE OVERLAY WITH THE ECONOMY TECHNICALLY IN RECESSION, BUSINESSES COULD CONTINUE TO FAIL, RESIDENTS CAN CONTINUE TO LOSE THEIR JOBS. THIS RESULTS IN A SIGNIFICANT INCREASE IN UNPAID TAXES, ABATEMENT & EXEMPTION APPLICATIONS.

17 16 EXEMPTIONS & MANDATED OVERLAY FY2009 EXEMPTIONS EXPECTED TO BE $125,000. DOR IS REQUIRING THAT THE $130,000 REALIZED AS A RESULT OF THE POLES & WIRES AND CWIP DECISIONS IN THE TELECOMMUNICATION CASES BE SET ASIDE IN THE OVERLAY ACCOUNT.

18 17 $425,000 is allocated before any FY2009 abatement This means the assessors would have only $65,000 of the overlay remaining for abatements. IMPORTANT: Exemptions are mandated and aimed to assist our vulnerable, qualified disabled veterans and elders. NOTE: –Most of the exemption dollars are reimbursed back to Rockland and become a portion of dollars available.

19 18 CONCLUSION The overlay account dollars of $506,560 protects Rockland from potential liability and is unlikely to result in a deficit that will have to be raised in FY2010.

20 19 Thank you for viewing this presentation. We are available for questions. If we do not have an immediate answer we will do additional research to answer your question.


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