Chief Assessor presenting proposed FY 2025 Tax Classifications and requesting the adoption of a minimum residential factor for FY 2025 and acceptance of Massachusetts General Law Chapter 59 Section 5C, a residential exemption of 35% of average assessed value for owner-occupied properties.

To the Honorable City Council: As Chief Assessor and Chairman of the Somerville Board of Assessors, I respectfully request adoption of the tax levy percentages for the fiscal year 2025 under M.G.L. Chapter 797. In the course of my presentation, I will propose: 1. The adoption of a minimum residential factor for the City for FY 2025. 2. The acceptance of M.G.L. Ch 59, Sec 5C, approving a residential exemption of 35% of average assessed value for owner occupied properties for FY 2025. I will be available at the meeting to answer any questions. Respectfully Submitted, Francis J. Golden, MAA Chief Assessor and Chairman Board of Assessors CONDITION/AMENDMENT CONDITION/AMENDMENT Two motions were approved by Roll Call vote of 10 in favor (McLaughlin, Davis, Sait, Scott, Mbah, Burnley, Clingan, Strezo, Pineda Neufeld, Ewen-Campen), 0 opposed, and 1 absent (Wilson) 1. That this Council adopts a minimum residential factor of 82.3464, the legal minimum for the city for FY 2025. 2. That this Council accepts Massachusetts General Law Chapter 59 Section 5C, approving a residential exemption of 35% of average assessed value for owner occupied properties for FY 2025.