RTE (Residential Tax Exemption) Rate
The Truro Select Board maintained the FY22 RTE rate for FY23 – at 25%. The SB was split, with one member wanting it reduced to 20%, two wanting it increased to 30% and the majority compromising at the rate recommended by the former chair, Bob Weinstein.
One citizen asked for it to be at the maximum possible rate – 35% – presumably on the view that part-timers should carry every tax burden possible.
Property Tax Rate FY23
The Select Board adopted a single rate tax basis for FY23, although the RTE effectively creates three different taxable classes or properties: full time residential receiving RTE, full + part-time properties not receiving the RTA, and commercial rates.
The FY23 Residential base tax rate is $6.54 per $1,000 valuation.while the Commercial, Industrial & Personal Property tax rate is $6.23 per $1,000 valuation. The Community Preservation surcharge is an additional amount. Part-timers also face a Personal Property tax surcharge as well.
Tax Bills Coming
While the tax rate dropped form FY23, assessed values have risen. We will be interested to learn about how this impacts actual tax bills for FY23.
Fiscal Year 2023 Assessments and Tax Bills
VALUES: Property valuations were adjusted for Fiscal Year 2023 after analysis of real estate sales that took place in calendar year 2021 and represent 100% fair market value as of January 1, 2022. Online Property Record Cards which include Current FY23 Values can be found HERE.
OWNER: Taxable property is assessed to the record owner on January 1, 2022.
TAX RATE: The fiscal year 2023 Residential tax rate is $6.54 per $1,000 valuation.The fiscal year 2023 Commercial, Industrial & Personal Property tax rate is $6.23 per $1,000 valuation. The Community Preservation surcharge is an additional amount, calculated each year by multiplying the total Real Estate tax by 3%.
TAX BILLS: The fiscal year 2023 tax bills, covering the period beginning July 1, 2022 and ending June 30, 2023, are to be mailed October 1, 2022 (first half) and April 1, 2023 (second half).
ABATEMENTS: Abatement applications for fiscal year 2023 must be filed with and addressed to the Board of Assessors, not the Tax Collector AND must be USPS postmarked or received in the Assessors Office on or before 30 days after the tax bills have been mailed. Application information is printed on the back of the first half bill. For Fiscal Year 2023 Abatement Applications are DUE 11/1/2022 @ 4pm.
EXEMPTIONS: Exemption applications for qualifying* seniors, veterans, blind and hardship can be requested from the Assessors Office by calling (508) 349-7004 ext 117. Be advised all exemptions are due by April 1, 2023 by end of business. *Please Note: Only those persons whose Truro property is their domicile (primary residence) can apply for an exemption.
RESIDENTIAL EXEMPTIONS: Exemption applications are available on this website or can be requested from the Assessors Office by calling (508) 349-7004 ext 117. Be advised all exemptions are due by April 1, 2023 by end of business. *Please Note: Only those persons whose Truro property is their domicile (primary residence) can apply for an exemption.
Property owner’s rights and responsibilities for timely payments, abatement applications and exemption applications are explained on the back of the first half tax bill.