How is the residential exemption determined?
Once the Board of Selectmen 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 Board of Selectmen, 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.

Show All Answers

1. How is the residential exemption adopted?
2. Who may qualify?
3. What is the qualification date?
4. How does a taxpayer apply for the Residential Exemption?
5. How is the residential exemption determined?