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Through a reduction in property tax assessments, 90% of year-round residential homes will have a significant offset in their 2027 property tax bill.
Through a reduction in property tax assessments, 90% of year-round residential homes will have a significant offset in their 2027 property tax bill.
Here's how it works
Here's how it works
Most simply, the Residential Exemption allows towns to deduct a percentage of the assessed value of a full-time resident's home. The tax bill is then calculated using the reduced taxable value. A couple of examples: [We should add a third row in between with using the 'average' value assessment. And how do we handle the fact that certain high -value year-round homes are impacted?]
Most simply, the Residential Exemption allows towns to deduct a percentage of the assessed value of a full-time resident's home. The tax bill is then calculated using the reduced taxable value. A couple of examples: [We should add a third row in between with using the 'average' value assessment. And how do we handle the fact that certain high -value year-round homes are impacted?]
How do we arrive at these calculations? :
How do we arrive at these calculations? :
The total assessed value of all the residential properties in town is $1,932,741,370.00.
Divide total assessed value by the number of residential parcels in town (3,394).
This gives us an average taxable property value of $569,458.27.
At the Town’s Annual Tax Classification hearing, the Selectboard votes to adopt an exemption rate. The State permits an exemption of up to 35 percent, but we choose a 20% exemption rate.
Multiply the average assessed value ($569,458.27) by 20% to get the dollar amount of the exemption - $113,891.65.
Homeowners whose primary residence is in Great Barrington can apply to have that dollar-amount ($113,891.65) subtracted from their assessed value, resulting in a lower tax bill.
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