FY2015 Tax Classification Hearing

Supplemental Tax Information Packet

November 12, 2014

TOWN OF LENOX
TAX LEVY WORKSHEET
FINAL

FINAL

FISCAL 2015

FY2013

FY2014

PROJ

MAXIMUM ALLOWABLE TAX LEVY CALCULATION:

Base

13,408,809

13,940,082

14,461,896

Maximum allowable tax levy increase (2 1/2%)

335,220

348,502

361,547

New Growth

196,053

173,312

171,451

Overrides
Capital Outlay Exclusions
Debt Exclusions Current
Debt Exclusions Authorized/Unissued

(219,818)
-

(276,556)
-

(323,522)
-

MAXIMUM ALLOWABLE TAX LEVY

13,720,264

14,185,340

14,671,372

ACTUAL LEVY

13,667,338

14,013,729

14,275,612

52,926

171,612

395,759

EXCESS LEVY CAPACITY

Tax Levy % Increase

1.93%

2.53%

1.87%

Tax Profiles
FY2014
Total Value $ 898,741,095
Ave Value $
376,105
Tax Rate*
$
12.07
Tax Bill*
$
4,540

RESIDENTIAL
FY2015
$ Change % Change
$ 892,846,074 $ (5,895,021)
-0.66%
$
372,098 $
(4,007)
-1.07%
$
12.33 $
0.26
2.15%
$
4,588 $
48
1.07%

COMMERCIAL, INDUSTRIAL, PERSONAL (CIP)

FY2014
FY2015
$ Change
% Change
$ 212,335,595 $ 215,205,546 $ 2,869,951
1.35%
$
943,352 $
961,395 $
18,043
1.91%
$
14.91 $
15.18 $
0.27
1.81%
$
14,065 $
14,594 $
529
3.76%

*FY2014 Actual; FY2015 assumes Selectmen adopt Residential Factor of .957

Total Town Value in FY2015 is $1,108,051,620

Tax Classification:
Selectmens Role
MGL Chapter 40, Section 56
The selectmen shall annually first determine
the percentage of the local tax levy to be born
by each class of real property
in determining such percentages, the
selectmen shall adopt a residential factor
4

FY2015 Pro Forma

Tax Factor Options
TAX FACTOR
CIP
RES
1.000
1.000
1.180
0.957
1.500
0.881

RESIDENTIAL
Rate
Ave Value Ave Bill
12.88 372,098 4,792.62
12.33 372,098 4,587.97
11.35 372,098 4,223.31

Change
204.65
0
(364.66)

COMMERCIAL, INDUSTRIAL, PERSONAL (CIP)

Rate
Ave Value Ave Bill
Change
12.88 961,395 12,382.77 (2,211.21)
15.18 961,395 14,593.98
0
19.25 961,395 18,506.85 3,912.88

Tax Classification:
FY2015 Residential Factor
To maintain the current split rate, majority vote
on the following motion is required:
MOVE to adopt a residential factor of 0.957
for the purposes of determining the fiscal 2015
tax rate.