Chief Assessor presenting proposed FY 2024 Tax Classifications and requesting the adoption of a minimum residential factor for FY 2024 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 2024 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 2024. 2. The acceptance of MGL c59 s5C, approving a residential exemption of 35% of average assessed value for owner occupied properties for FY 2024. 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, Scott, Strezo, Clingan, Wilson, Burnley, Gomez Mouakad, Kelly, Pineda Neufeld), 0 opposed, and 1 absent (Ewen-Campen) 1. That this Council adopts a minimum residential factor of 82.6433, the legal minimum for the city for FY 2024. 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 2024.