Present:

• Gary Pitney, Chair
• Doug Goudey
• Tom Stokes
• Michael Blay, Assessor

1. Blay reported that November 7 was the last day of the required public disclosure and therefore he submitted the valuations to Department of Revenue (DOR) for final certification
2. The law states the Tax Classification Hearing can take place 48 hours after final approval by DOR. Blay does not know exact date until formal approval (final certification) from DOR arrives. The Tax Classification Hearing — November 17.
3. Blay reported the “new growth” was $9,079,807. Town raised an additional $85,169.
4. Next step to “nail down” tax rate. When valuations go up, the rate goes down.
   1. Blay reported since Town costs are approximately level, “even with Covid — we did fine”.
   2. One element of Town costs is the amount of money necessary to put in the Overlay Account.
   3. Blay explained that of the $100,000 set aside last year, $64,000 remains in the account. Based on that, Blay suggested putting $50,000 — not $100,000 — in the Overlay Account this year.
   4. Pitney and Goudey were concerned if there would be enough in the account especially in a year when valuations went up so much
   5. Blay wanted to take every opportunity to cut tax rate and argued for the $50,000 pointing out that would leave $114,000 in the account — an amount we have not used in years past
   6. Pitney called for vote approving a $50,000 transfer to Overlay — passed unanimously
5. Stokes gave a brief report on Payments in Lieu of Taxes (PILOT). Hopes to complete the work of the committee — that is, circulate survey, have discussions with nonprofits, holding public hearing and submitting their recommendations to the SB by spring

Meeting adjourned

Editor’s notes: 1. Tax rate is a function of what the Town needs to raise to pay its bills (sometimes called levy). 2. Overlay Account is a single account — money set aside each year — to fund abatements and exemptions of committed real and personal property taxes.