ORDER-2015-175 : Clause 41C Senior Real Estate Exemption Local Options

Transcript (~4 min @ 2:45:05)

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▶ 2:44:49 Peter D. Mortimer: now mr chairman thank you alderman byrd seeing no further alderman wishing to be heard we do need a We need a motion on this order, please. Motion to recommend. Second. Second. We have a motion to recommend for passage from Alderman Forbes, duly seconded by Alderman McAteer-Margolis. All in favor, please say aye. Aye. Any opposed? Hearing none, order 2015-168 will be recommended to the full board for passage. The next order we have before us is order 2015-175. clause 41C, senior real estate exemption local options.

▶ 2:45:26 Peter D. Mortimer: Mr. Wilcox, would you like to explain this or would you like to proceed directly to questions?

▶ 2:45:29 Speaker 9: I'd like to explain it a little.

▶ 2:45:32 Speaker 5: Thank you very much, sir. Please proceed.

▶ 2:45:34 Speaker 9: This is a statutory exemption, 41C, known as a senior tax exemption. It's income and asset driven. Again, this is something that's throughout the state. We have a local option of raising up to 100% more than the $500 that's the minimum for this 41C. In preparation for this, we did a survey of surrounding communities. We looked at the overlay account, which is the main funding source, and we evaluated everything. So we did look at pretty much the funding source and everyone around us, and we came up with the Board of Assessors on this suggestion to go up to 100% which would be $1,000 instead of $70 the income requirements for this exemption are extremely low to today's standards a single person making $20,000 with assets of $40,000 including stocks annuities personal property not even second homes anymore but any assets that that's one of the qualifications for married couples it's it's actually uh 40 000 and it's uh 55 000 in assets so an income of 40 000 55 in assets including stocks annuities bank accounts all that stuff um and the original uh guidelines were set up way back and what we're trying to do is just increase it from 700 to a thousand

▶ 2:47:01 Peter D. Mortimer: to keep in with today's standards thank you thank you sir any alderman wishing to make comments or or ask questions about this alderman Medeiros i'll i'll have been in front of you yielded yes please

▶ 2:47:10 Monica C. Medeiros: all right uh i'm sorry so you're saying that the the uh in order to collect this the personal income of the uh not just the income but the assets are also looked at and you said this also includes the real estate that they owned any additional real estate second

▶ 2:47:27 Speaker 9: homes but uh there's nothing really 40 or 50 000 for second homes that is part of the language that we do look at not primary if they had a place in florida or something we would look at that that

▶ 2:47:41 Monica C. Medeiros: that would disqualify them and and that include that's the value it doesn't matter how much of a loan that they have on the property or does it it does not matter what the mortgage is on the

▶ 2:47:53 Peter D. Mortimer: property okay thank you thank you to recommend second thank you alderman Medeiros alderman voycella's made a motion to recommend this order for passage duly seconded by alderman aferna any further discussion alderman word please i'm sorry to do that to you mr chairman

▶ 2:48:02 Jaclyn L. Bird: quite all right question um i appreciate that you surveyed the other communities to find out um how to get to these figures what my question is um how many people do we think will take

▶ 2:48:18 Speaker 9: advantage of the program currently we have 65 participants in the program actually in preparation for that question i went five years back we started at 88 in 2001 2002 we also had 2008 2003 was 82 71 in 2014 and we're down to 65 currently so it is going down i think that's because people's incomes are you know a little larger and um they don't qualify all right thank

▶ 2:48:52 Peter D. Mortimer: you very much thank you mr chairman thank you alderman bird a motion uh passage has been made made by Alderman Boisselle, duly seconded by Alderman Inferna. All in favor, please say aye. Aye. Any opposed, hearing none, this order will be recommended to the full board for passage. The next order we have before us, I think you might as well stay right in that chair, Mr. Wilcox, is order 2015-174. It's the senior work off abatement loan option.