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HomeMy Public PortalAbout2016-11-09 Tax Classification r O U ` QC W i /1� rM Fiscal Year 2017 Tax Classification November 9, 2016 Tax Rates and the Commercial Shift The first step in setting the tax rate is to determine the tax levy or that amount of money that is to be raised by real and personal property taxation. FY 16 levy $ 91,050,506 includes debt service start FY 16 levy limit_ _ _ _ _ $_ _ _ 90,873,906 + 2,50% $ 2,271,848 + New Growth $ 2,512,226 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - FY 17 levy limit $ 95,657,980 + Debt Service $ 125,204 _ _under levy limit $_ _ _ _ _ _(13,541_01) caused by rounding a 5.20%increase over FY 17 levy $ 95,769,642.99 Fiscal 2016 The second step in setting the tax rate is to determine what percentage share of the tax levy each class of property will bear. For Watertown, there are essentially two property types or classes that collectively raise the levy: Residential Commercial/Industrial &Personal Property (CIP) Very simply stated, the tax rate is determined by dividing the total amount of taxes (levy) to be raised by the total taxable valuation of all real and personal property as determined by the Assessors. For example: For Fiscal Year 2017 the Watertown tax levy of $95,769,642.99 divided by the total value of all real and personal property of $6,615,124,690 yields a tax rate of $14.48 per thousand dollars of valuation. This calculation results in what is known as the flat or single tax rate. Massachusetts Law permits cities and towns to classify property according to use or property type, and to establish separate tax rates for the different classes. Historically, like many cities and towns, Watertown has chosen to split or "shift" the flat rate into two rates; a residential rate and a commercial (CIP) rate. The shift in the tax rates was originally intended to help alleviate rapidly rising residential tax rates by "shifting" more of the tax burden onto the commercial (CIP) class. Page 1 a \ _ k m k k § ) 0 / .0 k ( ] \ U qq mgg9 # m � I AA 9wmQmmo M � • � � q � w & � ; q � q 6 GO. L W _ \ mAm mbNQ A � x I § � / LL / / o / \ w / , + + i + m Cl) �10 �a 0 w (3) ® ©© NT C) 0) 0) Iq (Y) Ic N (Q L6 6 C� N cr r (D LO m VA ® ® 1 W O X H c L ® ® (0 I-- L Originally the law permitted the flat or single rate to be shifted by up to 150%. So the flat tax rate of $14.48 per thousand could be as high as $21.72 for the CIP class resulting in a lower tax rate for the residential class. Later in the 1980's the legislature amended the law to allow for a shift of up to 175% and more recently in Fiscal Year 2004 the shift ceiling was placed at 200% with a sunset clause that expired in Fiscal Year 2009. Over a long period of time, residential property values have risen much more rapidly than commercial property values and without these shifts, residential property owners would today be paying considerably more in real estate taxes than they are today in towns like Watertown that have a split tax rate. ---------------------------------------------------------------------------------------------------------------------------- Note: Certain suburban and rural towns have a third split in the tax rate for`open space"which permits a lower tax rate for vacant parcels (of which Watertown has very few) to help alleviate development pressure and preserve farmland and woodlands. The Watertown experience Chart A on the following page shows the history of residential and commercial tax rates for the last nineteen fiscal years and the corresponding shifts that were voted in those years. During the late 1990's, the commercial shift continued to increase until it reached the 175% ceiling in Fiscal Year 2002. Without these shifts, the average residential tax bill would have seen much bigger increases. Soon after the ceiling was hit, you can see that residential tax bills suddenly jumped up because shifting the commercial rate up was no longer an option. Over the past year, residential values have continued to appreciate with market increases occurring in most of our residential uses town wide. The primary residential increase has occurred at 204 Arsenal Street, Watertown Gables LLC is a 304 unit apartment building that's about 75% complete. This single residential project made up 78% of our residential growth in Fiscal Year 2017. The residential class was down 32% in new growth from a year ago, this was largely because the Elan project at the old Pirolli site on Arsenal Street and the River Lofts LLC project at 45 Bacon Street had no measurable progress on June 30, 2016. The growth associated with these projects will certainly be captured within the residential apartment class (Use 112: 9 units or greater) next spring and enhance new growth for Fiscal Year 2018. The Commercial, Industrial, and Personal Property (CIP) assessments are stable with new growth climbing dramatically within the Commercial and Personal Property classes. The Commercial class had several projects that produced over a 64% increase in growth. The Marriott Residence Inn at 570 Arsenal Street, the new CVS at 655 Arsenal Street, and the two new Class B office Buildings that are nearing completion at 65 Grove Street and 480 Arsenal Street Suite 3 made up the lion's share of this growth. Personal Property new growth continues to rise with another complete field review for this year's interim year. All taxable accounts were physically visited by Patriot Properties over a course of three months. Fiscal Year 2016 produced $721,281 in Personal Property new growth, this year's new growth of$899,661 is an increase of 25%. The impact of selecting different CIP shifts is displayed on Chart A on the following page. Page 4 M N r r LO 0 e o 0 0 0 0 o e e e e e o 0 o e e o o e o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d C r O r r O to N 00 T O r 00 O 00 n N r (n 1D 00 00 r N N (1) V O) Cl) r N -* n N (D T n n V1 n o0 W x �p Cii (d M M 1f1 fC r N Oi f. M N C 0. 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M Cl) Cl) Cl) n n N 0) O O O O r r r N N Cl) a N O) H E 3 r r r r r r r r r r r r r M E Ol 03 w w w w w w w w w w w w w w w w w w w w to w a+ a« E 0 O O O O O O N N N N N O O o (o O O 0 0 N o O o E r r r r N N N N N N N N N N N N N J wD Q O) r M O n co O V N n 00 (D O V r N Oo 0) co N N r r t71 00 M w 0) r M co r r M a n r n 0o co co O 00 O Z K O r N M t` T a m O N M •t U) (D m r M n O (D n N W 0 � M M M M M Cl) V V' N (fl N (N (f1 h N w t0 w n r n n o) w w w w w w w w w w w w w to w w w w w w w w WU O O O O O O O 0) N O n (o O 0o V r n co r O O O N N h O O (0 (O n r (D r O M Yf M O a t7)C tc M (D M (D W et O M M (D M V< (0 00 O (D n N 12 E M i= �= W 1(f ( N N m (LI M � n O O r r t; n n n > N N N N N M V a It -1 a V v v a VV a N h w w w w w w w w w w w w w w w w w w w w w w M r 0) Cl) r N (o r n 10 T V r N O co (D co 00 0) r O r r N (I O) N (D M 0) r V M N M O) V N O O O 0o N n a+ (N V M r N N C C r C r (V C7 M V V V h 6 M V M r r r r r r r r r r r r r r r r r r r r r r A O O V (D (o N w) (0 (0 h (o w) (o N (o )o h H N O h h CO 0) O r N CO V Y) O n CO 07 O r N to V N (D n n n V y0) O O O O O O O O O O O CDNN NNNNN Nr r r Nr Nr Nr Nr Nr r NN N N N N N r 2 - CO) 0 w >- The Residential Exemption Thirteen municipalities in Massachusetts have adopted the Residential Exemption. This provision in the law allows for a shift of the tax burden within the residential class by granting a discount to owner occupied properties. There are no age or income requirements. The only requirement is that the property owner occupy the property on January 1 of the year preceding the benefit year. So to qualify for the residential exemption for Fiscal Year 2016, the property must have been owned and occupied by the applicant on or before January 1 of 2016. The Residential Exemption discount is voted on each year by the Town Council and it can range anywhere between 1% to 30% of the average residential property assessment. Like the commercial shift, there is no loss of tax revenue for the town, but instead the tax burden is shifted from one group of taxpayers to another. Qualifying residential properties receive a tax decrease while non-qualifying residential taxpayers receive a tax increase. For example: If the total value of all residential property is 750 million with a tax rate of $10. per thousand, the residential class raises 7.5 million dollars in property tax revenue. Now if the average residential property is assessed for $100,000 and receives a 20% discount, the new taxable assessment becomes $80,000. This discount when applied to many qualifying properties has the effect of lowering the total assessed value of the residential property class. The same amount of tax revenue must still be collected, so now a total residential property value of 675 million must raise 7.5 million dollars and the result is an adjusted residential tax rate of$11.11 per thousand. So the qualifying property assessed for $100,000 would be discounted to $80,000 and pay $888.88 in taxes (a savings of$111.11) while a non qualifying property assessed for $100,000 will pay $1,111 (an increase of$111.11). The chart on the previous page (Chart A) shows the history of the Watertown residential exemption discount over the last nineteen years. As the average residential assessment increased over time, the exemption amount also increased, giving a greater benefit to the owner occupied qualified properties and exacting higher taxes from non-qualifying properties. For Fiscal Year 2017 the Assessors are projecting 6,099 qualifying properties. Because the total tax collected from the residential class must remain the same, this has the effect of driving up the residential tax rate from a projected $12.00 per thousand with no exemption to $13.70 utilizing the historic 20% exemption discount and a CIP shift of 175% (Chart B on page 7). Page 6 Fiscal Year 2017 Residential Exemption (For Owner Occupied properties) SHIFT= 1.76 Projected Tax Rates \ e �r � page 7 $ 12.00 $ 12.39 $ 12.80 $ 13.24 $ 13.70 $ 14.21 $ 14.76 Discount% 0% 5% 10% 15% 20% 26% 30% non non Exemption Exemption Exemption Exemption Exempllon Exemption Exemption qualifying qualifying value credit 0 $ 27,377 $ 64,764 $ 82,131 $ 109,608 $ 136,885 $ 164,262 property property lax credit 0 $ 339 $ 701 $ 1,087 $ 1,500 $ 1,946 $ 2,423 at 20p1�rra*ptor at 26%factor Assessment taxes taxes taxes taxes I taxes taxes taxes tdxA4 taxes $ 100,000 $ 1,200 $ 900 $ 579 $ 237 $ (130) $ - $ - $ 1,370 $ 1,421 $ 160,000 $ 1,800 $ 1,519 $ 1,219 $ 899 $ 555 $ 186 $ (210) $ 2,066 $ 2,132 $ 200,000 $ 2,400 $ 2,139 $ 1.869 $ 1.661 I $ 1,240 $ 897 $ 627 $ 2,740 $ 2,842 $ 260,000 I $ 3,000 $ 2,768 $ 2,499 $ 2,223 I $ 1,926 $ 1,607 $ 1,265 $ 3,426 $ 3,653 low $ 300,000 I $ 3,600 $ 3,378 $ 3,139 $ 2,885 I $ 2,610 $ 2,318 $ 2,002 $ 4.110 $ 4,263 $ 350,000 I $ 4.200 $ 3,997 $ 3,779 $ 3,647 I $ 3,295 $ 3,028 $ 2,740 $ 4,796 $ 4,974 $ 400,000 I $ 4,800 $ 4,617 $ 4,419 $ 4.209 I $ 3,980 $ 3,739 $ 3,477 $ 6,480 $ 6,684 $ 450.000 I $ 6,400 $ 6,236 $ 6,069 $ 4,871 I $ 4,666 $ 4,449 $ 4,216 $ 6,166 $ 6,395 $ 600,000 I $ 6,000 $ 6,866 $ 5,699 $ 5,633 I $ 6,350 $ 5,160 $ 4,962 $ 6,850 $ 7,105 avg $ 647,540 I $ 6,670 $ 6,445 I $ 6,308 $ 6,162 I $ 6,001 $ 5,836 I $ 5,653 $ 7,601 $ -1,781 $ 650,000 I $ 6,600 $ 6,475 $ 6,339 $ 6,196 $ 6,036 $ 5,870 I $ 6,690 $ 7,535 $ 7,816 $ 600,000 I $ 7,200 I $ 7,095 $ 6,979 $ 6,857 $ 6,720 $ 6,581 I $ 6,427 $ 8,220 $ 8,626 $ 650,000 $ 7,800 I $ 7,714 $ 7,619 I $ 7,619 $ 7,405 $ 7,291 I $ 7,166 $ 8,906 $ 9,237 $ 700,000 $ 8,400 I $ 8,334 I $ 8,259 I $ 8,181 I $ 8.090 I $ 8,002 I $ 7,902 $ 9,690 $ 9,947 high I $ 760.000 $ 9,000 I $ 8,953 I $ 8,899 I $ 8,843 I $ 8,776 I $ 8,712 $ 8,640 $ 101275 $ 10,658 $ 800.000 $ 9,600 $ 9,573 I $ 9,539 I $ 9,505 I $ 9,460 $ 9,423 $ 9,377 $ 10,960 $ 11,368 $ 860.000 I $ 10.200 $ 10,192 I $ 10.179 I $ 10,167 I $ 10,145 $ 10,133 I $ 10,116 $ 11,645 $ 12,079 $ 900,000 I $ 10.800 I$ 10,812 $ 10,819 I $ 10.829 I $ 10,830 I $ 10,844 I $ 10,862 $ 12,330 $ 12,789 $ 1.000,000 I $ 12,000 § 12,051 $ 12,099 I $ 12,153 I $ 12,200 I $ 12,266 I $ 12,327 $ 13,700 $ 14,210 The residential exemption amount(value credit)Is based on the average residential assessment(yellow) multiplied by the chosen discount factor which can range between 1 and 30% This value credit Is then subtracted from the assessed value of every qualirying property. The reduced assessment Is then multipled by the tax rate that results from the selected discount factor. Essentially,the residential exemption Is funded by the non-owner occupied residential properties which are taxed at the full assessed value with no value credit. As the property assessment Increases,the tax savings from the exemption diminishes to a point where high value properties actually pay more with the residential exemption in place than without It(pink shaded area). W h i is receiving the benefit of the Residential Exemption? type total# exempt percent I single fam. 2896 2367 81.7% condos 3506 2123 60.6% 2 family 2767 1449 52.4% 3 family 380 127 33.4% apts 4.8 unl 134 11 8.2% other 156 22 14.1% totals 9839 6099 62.0% Page 7 it Community Comparison When considering the impact of tax rates and shifts, it is useful to look beyond our borders to discover how nearby communities are dealing with similar issues. Chart C on the following page provides a view of the tax structure of other nearby cities and towns for Fiscal Year 2016. Some of our neighbors have split tax rates while others do not. Generally, the smaller the commercial/industrial and personal property (CIP) share is of the total assessed value, the less benefit there is to shifting the tax rate. Arlington and Belmont both have very low CIP shares while Boston and Cambridge have high CIP shares. Boston and Cambridge also offer a larger residential exemption percentage which coupled with large commercial tax bases, serves to push down the average residential tax bill. While Newton does have a commercial shift, they have chosen not to utilize the residential exemption and consequently the average residential tax bill is very high. Waltham, which is most similar to Watertown in its socio- economic structure, has a much larger commercial tax base which results in a lower residential tax rate and like Watertown they also have utilized a 20% residential exemption discount in the past. Taxpayers often cite that other nearby cities and towns have lower tax rates but they fail to realize that the average residential assessments in those municipalities may be considerably higher. Just looking at the tax rate in Newton for example, a taxpayer might conclude that taxes are lower there than in Watertown. But with a much higher average assessed value, taxes in Newton are in fact much higher. While it is true that more affluent cities and towns have many more high end properties which tend to drag up the average, it is also safe to say that the typical home in Watertown would be considerably more valuable were it placed in Newton or Belmont and conversely, somewhat less valuable if placed in Waltham. 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