A public disclosure period for Tisbury’s proposed Fiscal Year 2012 (FY12) property values starts March 5 and runs through March 12, in advance of the town’s tax classification hearing at 5:30 pm on March 19.
Tisbury’s total FY12 preliminary assessed valuations are $2,569,103,710, compared to $2,558,966,837 in FY11, according to assistant assessor Ann Marie Cywinski. The FY12 valuations are considered preliminary at this point, as they may change following the public disclosure period. Ms. Cywinski said yesterday she is still at work on determining what the change in the tax rate will be, based on the new valuations.
A state law requires towns to conduct triennial certification of property values. Tisbury’s Board of Assessors conducted a comprehensive reassessment of all classes of properties in the town in 2011. When revaluations are completed, towns must disclose all property values for the taxpayers’ review.
Property descriptions and the proposed FY12 valuations are available for review in the assessor’s office from 8:30 am to 4:30 pm at town hall and at the Vineyard Haven Public Library. Taxpayers may also call the assessor’s office at 508-696-4206 for valuation information or view it online at visionappraisal.com.
Tisbury property owners who are not year-round residents were mailed a postcard about the public disclosure period and advised to check their valuations online or call the assessor’s office.
The current property values are based on an assessment date of January 1, 2011. Tisbury contracted the company Vision Government Solutions to do the town’s real estate revaluations. Real estate sales that occurred in 2009 and 2010 were used to determine the FY12 values, as required for preliminary certification from the Massachusetts Department of Revenue.
“During public disclosure we’re basically giving people the opportunity to come to town to review their field cards, which contain descriptions about their properties and the values,” assistant assessor Ann Marie Cywinski said. “For example, someone may find their field card lists three bedrooms instead of two. It may not change the value but it gives us the opportunity to correct our records and submit corrections for final certification of the town’s property values by the Bureau of Local Assessment.”
Ms. Cywinski said property owners who wish to dispute a valuation should file an application for overvaluation upon receipt of their actual tax bill. Tax bills are scheduled for mailing at the end of March, pending final certification and tax rate approval.
Overvaluation applications must be received in the assessor’s office by 4:30 pm on May 1 or postmarked May 1 by the U.S. Postal Service.
Tisbury tax shift and residential exemption
At the March 19 hearing the selectmen will approve the amount of the town’s excess levy capacity. They will also discuss and vote on the Tisbury’s traditional residential exemption and tax shift.
Tisbury is the only Island town that taxes residents at varying rates. A tax shift percentage rate is applied against the town’s total tax levy. That shift along with the residential exemption is used to calculate individual tax bills for businesses and residents.
Under the formula used to calculate taxes, a percentage shift results in an additional percent of the town’s tax levy being billed to commercial and industrial real estate, and personal property.
Tisbury selectmen have voted annually since 1988 to allow a residential exemption, traditionally at 20 percent of the average residential value. It is deducted from property taxes for qualifying taxpayers who are domiciled in Tisbury. Nonresident taxpayers have to pick up the difference.
Last year the average residential value was $771,377, according to Ms. Cywinski. The 20 percent exemption resulted in an assessment credit of $154,275 and a savings of $1,194.95 in tax dollars.
Overvaluation applications and exemption forms are available on Tisbury’s website at www.tisburyma.gov.