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1. How is the residential exemption adopted?

The Select Board vote each year whether or not to adopt the exemption. The amount of the exemption must also be voted by the Select Board, and may be no more than 20% of the average residential value.

2. Who may qualify?

Homeowners may qualify for the exemption on their principal residence. For the purpose of this exemption, taxpayer shall be interpreted as the "owner of record" as recorded in the Registry of Deeds and principal residence is the address of the taxpayer as used by the taxpayer for income tax purposes.

3. What is the qualification date?

The real estate must be owned and occupied as the taxpayers principal residence as of January 1 of the year preceding the fiscal year. For example, for the Fiscal Year 1995, July 1,1994 through June 30, 1995, the taxpayer must have owned and occupied the real estate as of January 1, 1994.

4. How does a taxpayer apply for the Residential Exemption?

The taxpayer has 3 months from the date of mailing of the tax bills to apply, on a form approved by the commissioner, to the Board of Assessors. Once the exemption is approved it remains in effect until any change in ownership or title occur.

5. How is the residential exemption determined?

Once the Select Board has adopted the exemption and voted the percentage, the assessor determines the amount of value to be exempted from those qualifying parcels by calculating the following:

1. The total assessed value for all Class 1 properties, including vacant parcels.
2. The total number of parcels within the Class 1 properties.
3. Divide the Total Class 1 valuation by the total number of Class 1 parcels. This is the average assessed value of all class one residential parcels.
4. Multiply the exemption percentage, as voted by the Select Board, by the average value. This is the amount to be exempted for each qualifying parcel.
5. Multiply the number of exemptions granted by the exemption amount.
6. Subtract the aggregate exemption amount from the total Class 1 value. The residential tax rate for all Class 1 properties will be calculated from this adjusted value.