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SPENCER – Special Town Meeting on November 5 will vote on real estate tax exemptions for veterans but first Selectmen must decide what reduction percentage to propose.
At its last meeting, the Board of Selectmen heard about two upcoming “Hero Act” warrant articles. Town Administrator Jeff Bridges explained the first would involve a cost-of-living adjustment (COLA) determined by the Department of Revenue. It would work like a local option for seniors.
The second article, based on 1,486 eligible residents, Bridges said, would cost the town $49,550 for a 100% exemption and $24,775 (based on the current tax rate) if a 50% exemption is given.
Selectmen Chair Gary Woodbury noted these funds are not reimbursed by the state and would be “all out of pocket,” for the town to absorb.
Vice chair Jonathan Viner asked if the town had the ability to adjust the tax rate to “recapture,” that amount from non-exempt individuals paying real estate taxes.
The administrator said the funds would come off taxable properties and it would lower the total of the assessed value for the community.
Bridges said the tax rate would change because “you are collecting from this group of people and now shifting to this group, all under Proposition 2 ½.”
Viner asked how much valuation would be lost and what amount that would add to the approximately $50,000 for a 100% exemption.
Viner said he felt a 100% exemption is warranted and he is in favor of it, but wants more information.
Bridges said he would talk more with the assessor about process—such as whether money would be taken off the tax rolls or rebated back. He added he needed the board to decide how much of an exemption they want to propose on the warrant.
The administrator said he would like that decision to be made by the next Board of Selectmen’s meeting on September 28.
That meeting starts at 6 p.m.
