The proposed exemption changes are designed to provide financial relief to seniors and veterans, demographics that have not seen increases in their exemptions since the 1980s. The board’s discussion highlighted the importance of aligning the exemptions with current economic conditions, with the goal of supporting those on fixed incomes. Exemptions could potentially be increased by varying percentages, ultimately decided by the Town Council based on available budgetary resources. The board emphasized the need for the Town Council to analyze the financial implications of these increases, with a total reserve requirement estimated to be around $289,990 to maintain current levels alongside any new exemptions.

A Town Council meeting is anticipated to address these proposals, with the assessors ready to provide detailed explanations and justifications should the council require further insights. The board’s recommendation reflects community support for enhancing tax relief measures for vulnerable groups, although the extent of the increments remains at the council’s discretion.

In addition to the discussion on exemptions, the meeting covered the January LA3 sales report, noting some unusually low sales ratios and property flips. These changes in property values will likely influence future assessments. Furthermore, the board addressed routine matters such as the motor vehicle excise tax, building permits, and updates on cyclical property inspections.