The meeting commenced with a detailed examination of the town’s property assessments. The total taxable valuation saw an approximate 4% increase compared to fiscal year 2020. The report highlighted that there are now 1,674 single-family homes, an increase of 15 from the previous year, and 576 condominiums, up by 21 units. The overall valuation, which includes personal property, is projected to amount to $1,351,364,450.

Discussion then shifted to the LA13 tax base levy growth report. This report details the new growth valuation resulting from building permit activities, new lots, utility valuation, and other factors. The new growth valuation for the year was reported at $501,241, a decrease from the previous year’s figure of $647,256. Despite the decline, the growth was described as strong, especially when compared to historical numbers which were lower. Emphasis was placed on the importance of board members logging into the DLS gateway to approve these reports, with assistance offered for navigation.

The committee also tackled the fiscal year 2022 budget directive from the town manager’s office, which has been characterized as “level funded” due to uncertainties from the COVID-19 crisis. There were concerns about potential challenges, especially in a five-year revaluation year, in meeting contractual obligations. A discussion point was the need for specialized valuation approaches for utility properties, which will now require integrating netbook valuation with replacement cost approaches, leading to potentially higher utility valuations. This new requirement necessitates additional budget considerations, as it cannot be handled in-house.

Additionally, the cyclical inspection process was addressed, noting delays due to data conversion efforts and the pandemic, which have hampered compliance with the Bureau of Local Assessment’s requirements. This delay could lead to complications as the need for inspections accumulates over time. The impact of increasing Community Preservation Act funding from 1% to 3% was also discussed, with the Bureau of Local Assessment mandating that this increase would not initially be reflected in tax bills, resulting in larger payments in the latter half of the fiscal year.

Participants considered the implications of the high number of non-arms-length transactions and the potential influence of familial transfers on market dynamics. Moreover, the significance of maintaining uniformity in assessments across different property types and sales periods was emphasized as crucial for regulatory compliance.

Before concluding, the committee set a date for the next meeting, suggested to occur before December 1st, to review classification documents. The necessity of this session was underscored to prevent potential errors during the classification process. A separate meeting was deemed more effective for review and consideration, particularly given the challenges posed by consecutive Zoom meetings.