FY2013BOAPRESENT — File 193964

CITY OF SOMERVILLE JOSEPH A. CURTATONE MAYOR SOMERVILLE BOARD OF ASSESSORS MARC A. LEVYE, RMA, MAA HUMPHREY MOYNIHAN, MAA CHIEF ASSESSOR AND CHAIRMAN MICHAEL FLYNN, MAA CITY OF SOMERVILLE BOARD OF ALDERMEN HEARING NOVEMBER 20, 2012 ADOPTION OF TAX LEVY PERCENTAGES FOR FY2013 MASSACHUSETTS GENERAL LAWS CHAPTER 797 OF THE ACTS OF 1979 RECOMMENDATIONS: 1. A MOTION THAT THE BOARD OF ALDERMEN ADOPTS A MINIMUM RESIDENTIAL FACTOR OF 86.6100 THE LEGAL MINIMUM FOR THE CITY OF SOMERVILLE FOR FY2013. 2. A MOTION THAT THE BOARD OF ALDERMEN ACCEPTS THE PROVISIONS OF CHAPTER 59, SECTION 5C APPROVING A RESIDENTIAL EXEMPTION OF 30% OF AVERAGE ASSESSED VALUE FOR OWNER OCCUPIED PROPERTIES FOR FY2013. 3. A MOTION THAT THE BOARD OF ALDERMEN ACCEPTS THE PROVISIONS OF SECTION 4 OF CHAPTER 73 OF THE ACTS OF 1986 AND VOTES AN ADDITIONAL STATUTORY EXEMPTION OF UP TO 100% FOR FY2013.

PUBLIC HEARING ALLOCATION OF LOCAL TAXES After the assessors receive the Commissioner of Revenue certifications, the Board of Alderman must conduct a public hearing on the issue of allocating the local property tax levy among the four classes of real property and of personal property for FY2013. G.L. Ch. 40 S.56. The public hearing called by the Alderman must comply with the requirements of the Open Meeting Law, as supplemented by local by-laws or ordinance. The Board of Assessors must provide notice of the conduct of the hearing to taxpayers by a public information release in a newspaper of general circulation in the community, as well as any other appropriate news media. The release should provide the date, time and place of the public hearing. At the public hearing, the assessors must provide all information and data relevant to making a decision on allocating the tax levy including the fiscal effect of the available alternatives. THE MINIMUM RESIDENTIAL FACTOR At the public hearing, the Board of Alderman, together with the Mayor’s approval, must first adopt a residential factor. In a city, if the Mayor vetoes the Aldermans’s factor, the Alderman may override the vote with a vote equal to two-thirds of the members elected. The residential factor adopted must be an amount not less than the minimum residential factor calculated by the Commissioner of Revenue. THE RESIDENTIAL EXEMPTION At the option of the Mayor with the approval of the Board of Alderman, an exemption of not more than 30 percent of the average assessed value of all Class One, Residential, parcels may be applied to residential parcels that are the principal residence of the property taxpayer as used by the taxpayer for income tax purposes as of January 1, 2012. G.L. Ch. 59 S5C. ADDITIONAL EXEMPTION UP TO 100% Since FY 1986, Section 4 of Chapter 73 of the Acts of 1986 allowed an additional exemption of up to 100% of the amount for the Statutory Elderly, Blind, Widowers and Veteran Exemptions. This would be triggered whenever tax increases are incurred. Under this provision, anyone who qualifies for a statutory exemption, (and after the residential exemption is applied) will pay no more taxes than they did in the previous fiscal year, (provided however that the statutory amount granted in the current year cannot exceed more than double the base rate amount). See base rate amounts and a “statutory” example on the next 2 pages. 2

Somerville Board of Assessors Clause Exemptions- Fiscal Year 2013 The laws of the Commonwealth of Massachusetts provide for real estate tax relief for certain people. Each category of tax relief is defined, and the allowable amount stated, in the various clauses of Chapter 59, Section 5 of the General Laws. The table below summarizes who qualifies for these exemptions and the amounts of the various exemptions. State law also gives each city and town the option of increasing the exemption up to double the amounts. The Somerville Board of Aldermen, with the approval of the Mayor, has elected this option each year. The exemption amounts shown in the tables are therefore base exemption amounts. They can be increased up to double the amounts shown depending upon the amount each applicant’s tax bill has increased over the prior years’ taxes (except for senior work-off). Certain deductions are allowed from the income limits shown for the clause exemptions. You should call or come into the Assessors Office in City Hall to find out details. The asset limits do not include the value of owner occupied properties. Clause Name Clause# Basic Qualifications Other Qualifications Income Limits Asset Limits $$$ Amount Elderly 17D Age 70 or older Own & occupy property 5 years None $55,477 $242.00 Widows 17D Surviving Spouse None None $55,477 $242.00 Other 17D Minor Parents are deceased None $55,477 $242.00 Hardship 18 Age, Infirmity, Income Must meet all three (3) Poverty Varies Veterans 22A Service related loss of or loss of use of one foot or one hand or one eye or received honor etc. Spouses (where veteran’s spouse owns the domicile) or surviving spouses of veterans entitled to exemption under Cl. 22A None None $750.00 Veterans 22 10% Service Disability or Purple Heart Mass resident 6 months prior to service or 5 years Mass residency None None $400 Veterans 22B Loss of two limbs or both eyes Mass resident 6 months prior to service or 5 years Mass residency None None $1250 Veterans 22C Disability requires specially adapted housing Mass resident 6 months prior to service or 5 years Mass residency None None $1500 Veterans 22E 100% disability, file V.A. certificate annually Mass resident 6 months prior to service or 5 year Mass residency, unemployed for all of previous years None None $1000* Paraplegic 8A of 58 Paraplegic due to wartime injury Mass resident 6 months prior to service or Mass residency for 5 years V.A. certificate None None 100% Blind 37A Legally Blind Yearly blind certificate None None $500 Tax Deferral 41A Age 65 or Older, tax deferred 8% interest per year Own & Occupy Property for 5 years $40,000 None Defers Up to 100% Elderly 41C Age 65 or older Own / Occupy 5 yrs. in MA & MA resident 10 yrs. (S)$20,000 (M)$30,000 (S)$40,000 (M)$55,000 $750 Senior Work-off 5K Over 60 Somerville resident contact Council on Aging None Up to $1,000 *for veterans owning two family or larger houses, Clause 22E is reduced to the same portion as the veterans’ occupancy of the property. The qualifying date for the Clause Exemptions Is July 1, (each year). Questions can be addressed to Assessing at [phone removed] ext. 3100. The application deadline is three months from the date the Third Quarter Bill was mailed. 3

EXAMPLE (using Clause 41C) ADDITIONAL (UP TO) 100% EXEMPTION AMOUNT SECTION 4 OF CHAPTER 73 ACTS OF 1986 FY 2012 FY 2013 $450,000 VALUE $450,000 VALUE X 13.09 TAX RATE X 13.42 TAX RATE $5,890.50 $6,039.00 -1,799.63 RES. EXEMPTION -1,885.97 RES. EX. $4,090.87 $4,153.03 - 750.00 STATUTORY AMOUNT - 750.00 STAT. AMT. $3,340.87 NET TAX $3,403.03 NET TAX $3,403.03 FY 2013 NEW NET TAX $3,340.87 FY 2012 OLD NET TAX $62.16 INCREASE FROM PREVIOUS YEAR CERTIFICATE $750.00 STATUTORY AMOUNT + $62.16 INCREASE $812.16 THIRD QUARTER BILL DEDUCT $406.08 FOURTH QUARTER BILL DEDUCT $406.08 EFFECTIVE INCREASE IN TAXES $ 0 4

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FY2013 ASSESSMENT & PARCEL COUNT CHANGES BY USE & NEIGHBORHOOD SINCE FY 11 PARCEL COUNT ASSESSMENT ASSESSMENT DISTRICT FY11 PARCEL FY12 PARCEL FY13 PARCEL PERCENT FY11-AVG FY12-AVG FY13-AVG PERCENT COUNT COUNT COUNT CHANGE FY12-13 ASSESS. ASSESS. ASSESS. CHANGE FY12-13 SINGLE FAMILY 1001 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 95 95 95 458,700 458,700 502,400 9.53% 2001 (WARD 2, UNION SQ. SOUTH) 269 269 269 375,900 383,000 398,500 4.05% 3001 (WARD 2, COBBLE HILL) N/A N/A N/A N/A N/A N/A 4001 (WEST SOMERVILLE) 428 429 430 562,200 566,300 581,600 2.70% 5001 (WINTER HILL NORTH) 152 152 151 309,300 295,300 305,200 3.35% 6001 (TEN HILLS ) 30 30 29 366,200 366,200 373,900 7001 (WINTER HILL/MAGOUN SQ) 480 480 480 334,100 336,900 346,700 2.91% 8001 (CENTRAL, SPRING, & PROSPECT HILL) 635 636 640 415,600 419,800 442,200 5.34% 9001 (EAST SOMERVILLE) 269 270 267 276,600 276,400 277,700 0.47% PARCEL COUNT CHANGE FROM PREVIOUS YR. -2 +3 0 CITY AVERAGE-SINGLE FAMILY 399,700 402,000 417,500 3.86% TWO FAMILY 1001 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 265 264 263 515,400 517,600 549,500 6.16% 2001 (WARD 2, UNION SQ. SOUTH) 478 475 469 -1.26% 442,600 451,300 463,700 2.75% 3001 (WARD 2, COBBLE HILL) N/A N/A N/A N/A N/A N/A 4001 (WEST SOMERVILLE) 1,917 1,910 1,899 -0.58% 565,000 567,200 573,400 1.09% 5001 (WINTER HILL NORTH) 196 194 195 385,000 368,500 375,800 1.98% 6001 (TEN HILLS ) 204 204 205 424,500 425,300 433,700 1.98% 7001 (WINTER HILL/MAGOUN SQ) 622 614 618 401,900 402,100 410,700 2.14% 8001 (CENTRAL, SPRING, & PROSPECT HILL) 1,127 1,116 1,104 -1.08% 482,000 483,000 502,400 4.02% 9001 (EAST SOMERVILLE) 517 517 521 361,800 362,400 360,900 -0.41% PARCEL COUNT CHANGE FROM PREVIOUS YR. -27 -32 -20 CITY AVERAGE-TWO FAMILY 483,300 484,800 494,900 2.08% THREE FAMILY 1001 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 119 119 116 -2.52% 619,400 621,200 642,300 3.40% 2001 (WARD 2, UNION SQ. SOUTH) 367 367 368 541,000 546,900 559,900 2.38% 3001 (WARD 2, COBBLE HILL) N/A N/A N/A N/A N/A N/A 4001 (WEST SOMERVILLE) 615 609 607 -0.33% 631,300 635,600 645,600 1.57% 5001 (WINTER HILL NORTH) 208 206 206 476,500 459,100 464,900 1.26% 6001 (TEN HILLS ) 8 8 8 460,900 460,900 477,500 3.60% 7001 (WINTER HILL/MAGOUN SQ) 278 277 273 -1.44% 482,900 482,500 489,600 1.47% 8001 (CENTRAL, SPRING, & PROSPECT HILL) 508 506 503 -0.59% 559,000 560,200 581,300 3.77% 9001 (EAST SOMERVILLE) 293 292 286 -2.05% 438,000 439,000 435,900 -0.71% PARCEL COUNT CHANGE FROM PREVIOUS YR. -18 -12 -17 CITY AVERAGE-THREE FAMILY 546,400 547,500 558,800 2.06% CONDOMINIUM 1102 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE 317 323 332 384,300 397,800 399,800 0.50% 2102 (WARD 2, UNION SQ. SOUTH) 720 732 743 1.50% 327,300 331,700 323,200 -2.56% 3102 (WARD 2, COBBLE HILL) 146 146 146 288,100 296,400 290,100 -2.13% 4102 (WEST SOMERVILLE) 868 896 931 3.91% 382,000 385,400 395,500 2.62% 5102 (WINTER HILL NORTH) 265 274 282 213,000 219,400 235,000 7.11% 6102 (TEN HILLS ) 51 51 51 311,900 319,100 324,000 1.54% 7102 (WINTER HILL/MAGOUN SQ) 505 531 536 0.94% 239,300 246,600 252,500 2.39% 8102 (CENTRAL, SPRING, & PROSPECT HILL) [phone removed] 4.69% 322,100 328,200 330,400 0.67% 9102 (EAST SOMERVILLE) 323 325 331 253,400 254,100 252,500 -0.63% PARCEL COUNT CHANGE FROM PREVIOUS YR. +210 +121 +120 CITY AVERAGE-CONDOMINIUM 314,000 320,500 323,800 1.03% 6

AVERAGE SALE PRICES 2009, 2010, 2011 & YEAR TO DATE 2012 CALENDAR CALENDAR CALENDAR CALENDAR 2012 PERCENT PERCENT PERCENT 2009 2010 2011 (YEAR TO DATE*) CHANGE 09-10 CHANGE 10-11 CHANGE 11-12 SINGLE FAMILY 441,800 539,100 530,100 537,600 22.02% -1.67% 1.41% TWO FAMILY 504,700 534,300 516,200 546,100 5.86% -3.39% 5.79% THREE FAMILY 575,200 605,400 610,000 612,800 5.25% 0.76% 0.46% CONDOMINIUM 379,300 387,900 404,700 390,000** 2.27% 4.33% 0.69% *2012 SALES ARE THROUGH EARLY OCTOBER AND NOT ALL HAVE BEEN VERIFIED AS MARKET SALES ** DOES NOT INCLUDE 2012 SALES OF UNITS TO BE ASSESSED AS CONDOS FOR THE FIRST TIME IN FY2014 NOTE THAT OTHER THAN CONDO SALES, THE NUMBER OF CALENDAR YEAR SALES IS LIMITED FOR 1, 2, & 3 FAMILY PROPERTIES. AS A RESULT THE DOR REQUIRES THAT 2 YEARS OF SALES BE ANALYZED IN ANY GIVEN FISCAL YEAR. NUMBER OF RESIDENTIAL CONDOMINIUM UNITS FISCAL YEAR NUMBER OF NUMBER ADDED PERCENT CHANGE UNITS FROM PREVIOUS YR. FROM PREVIOUS YR. 2008 3367 N/A N/A 2009 3653 286 8.49% 2010 3928 275 7.53% 2011 4138 210 5.35% 2012 4259 121 2.92% 2013 4379 120 2.82% 2014(THRU EARLY OCT. 2012) 4563 184 4.20% FORECLOSURES CALENDAR YR. NUMBER PERCENT CHANGE FROM PREVIOUS YR. 2008 56 N/A 2009 41 -26.79% 2010 56 36.59% 2011 38 -32.14% 2012 (THRU SEPT.) 19 -50.00% THE 19 FORECLOSURES IN CAL.2012 TO DATE INCLUDE 9 CONDO UNITS, 8 TWO FAMILY, 1 SINGLE FAMILY, & 1 MIXED USE. 7

MEDIAN SALE PRICES CALENDAR 2009, 2010, 2011 AND 2012 YEAR TO DATE (VARIOUS CITIES) CALENDAR 2009 CALENDAR 2010 CALENDAR 2011 CALENDAR 2012 % CHANGE 09-10 % CHANGE 10-11 % CHANGE 11-12 % CHANGE 09-12 (THRU SEPTEMBER) SOMERVILLE SINGLE FAMILY 366,250 400,000 445,000 449,500 9.22% 11.25% 1.01% 22.73% CONDOMINIUM 360,000 350,000 358,000 387,000 -2.78% 2.29% 8.10% 7.50% MEDFORD SINGLE FAMILY 340,000 342,000 339,500 352,000 0.59% -0.73% 3.68% 3.53% CONDOMINIUM 275,000 286,250 280,000 284,900 4.09% -2.18% 1.75% 3.60% ARLINGTON SINGLE FAMILY 473,750 497,350 498,688 509,950 4.98% 0.27% 2.26% 7.64% CONDOMINIUM 340,250 375,000 340,000 346,062 10.21% -9.33% 1.78% 1.71% BOSTON SINGLE FAMILY 1,958,000 2,150,000 1,930,000 1,812,000 9.81% -10.23% -6.11% -7.46% CONDOMINIUM 510,500 561,000 555,000 571,250 9.89% -1.07% 2.93% 11.90% CAMBRIDGE SINGLE FAMILY 675,000 755,500 740,000 800,000 11.93% -2.05% 8.11% 18.52% CONDOMINIUM 408,000 415,000 417,000 430,850 1.72% 0.48% 3.32% 5.60% EVERETT SINGLE FAMILY 225,000 225,000 218,750 230,250 0.00% -2.78% 5.26% 2.33% CONDOMINIUM 114,200 187,950 139,500 133,000 64.58% -25.78% -4.66% 16.46% BROOKLINE SINGLE FAMILY 1,171,000 1,126,000 1,188,750 1,200,000 -3.84% 5.57% 0.95% 2.48% CONDOMINIUM 450,000 468,500 505,000 487,750 4.11% 7.79% -3.42% 8.39% CHELSEA SINGLE FAMILY 168,900 200,000 210,900 180,331 18.41% 5.45% -14.49% 6.77% CONDOMINIUM 163,000 176,500 145,000 149,450 8.28% -17.85% 3.07% -8.31% MALDEN SINGLE FAMILY 262,000 269,500 261,250 275,000 2.86% -3.06% 5.26% 4.96% CONDOMINIUM 185,000 174,000 187,250 197,500 -5.95% 7.61% 5.47% 6.76% STATE SINGLE FAMILY 285,000 295,000 286,000 290,000 3.51% -3.05% 1.40% 1.75% CONDOMINIUM 252,067 265,000 270,000 279,000 5.13% 1.89% 3.33% 10.68% SOURCE-THEWARRENGROUP.COM RAW NUMBERS WITH NO SCREENING FOR ARMS-LENGTH NATURE OF SALES 8

FISCAL YEAR 2013 WITHOUT NOT 175% CLASSIFICATION RECOMMENDED AS OF: 11/20/2012 WITHOUT FY2013 TAX LEVY LIMIT 109,923,150 30% RESIDENTIAL EXEMPTION FY2012 TAX LEVY 104,829,090 TAX LEVY % INCREASE = 4.9% LEVY CHANGE AVAILABLE 5,094,060 TAX BASE EXPANSION FROM GROWTH 2,463,708 FY2013 TAX LEVY: 109,923,150 TAX BASE EXPANSION FROM 2.5% INCREASE 2,630,352 FY2012 TAX LEVY: 104,829,090 LEVY $ CHANGE USED 5,094,060 SINGLE TAX RATE: 12.79 EXCESS LEVY (UNUSED) CAPACITY 0 % OF LEVY CHANGE FROM GROWTH 48% % OF LEVY CHANGE FROM 2.5% INCREASE 52% COMMERCIAL % VALUE= 15.1488 RESIDENTIAL % VALUE = 84.8512 % TAX LEVY LIMIT USED 100.00% IF COMM=1.75%, SHARE= 26.5104 % TAX LEVY LIMIT UNUSED 0 THEN RES SHARE= 73.4896 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 12.79 RES % OF TOTAL LEVY: 73.4896 # RES PARCLS: 15,569 COM % OF TOTAL LEVY: 26.5104 AVG RES VALUE: 468,447 RES XMP VAL DISCOUNT (30%) MINIMUM RES FACTOR: RES XMP TAX DISCOUNT (30%) COMMERCIAL FACTOR: # EXEMPTIONS: RESIDENTIAL LEVY: 93,271,132 ADJ RES VALUE: 7,293,246,502 COMMERCIAL LEVY: 16,652,018 RESIDENTIAL EXEMPTION BREAK EVEN VALUE ----------------------------------------- ----------------------------------------- ----------------------------------------- ----------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $12.79 $13.09 -$0.30 COMMERCIAL TAX RATE: $12.79 $21.85 -$9.06 -2.3% -41.5% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2013 FY2012 FY2013 FY2012 FY2013 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL CHANGE CHANGE CHANGE AVER CONDO 4,379 $320,500 $323,800 $599 $1,035 72.8% $436 $1,745 AVER 1 FAMILY 2,361 $402,000 $417,500 $866 $1,335 54.1% $469 $1,875 AVER 2 FAMILY 5,274 $484,800 $494,900 $1,137 $1,582 39.2% $445 $1,781 AVER 3 FAMILY 2,367 $547,500 $558,800 $1,343 $1,787 33.0% $444 $1,774 AVER 4-8 FAMILY 512 $731,000 $730,500 $1,943 $2,336 20.2% $393 $1,570 AVER MULTI APT. 137 $2,349,500 $2,540,400 $7,693 $8,122 5.6% $429 $1,716 AVER COMM. , INDUST. 730 $1,459,600 $1,429,800 $7,978 $4,571 -42.7% -$3,407 -$13,627 AVER MIXED USE 262 $847,200 $913,100 $3,351 $2,919 -12.9% -$432 -$1,727 *CONDO, 1, 2, 3, & 4-8 FAMILY INCLUDE RESIDENTIAL EXEMPTION 10

FISCAL YEAR 2013 WITH NOT 175% CLASSIFICATION RECOMMENDED AS OF: 11/20/2012 WITHOUT FY2013 TAX LEVY LIMIT 109,923,150 30% RESIDENTIAL EXEMPTION FY2012 TAX LEVY 104,829,090 TAX LEVY % INCREASE = 4.9% LEVY CHANGE AVAILABLE 5,094,060 TAX BASE EXPANSION FROM GROWTH 2,463,708 FY2013 TAX LEVY: 109,923,150 TAX BASE EXPANSION FROM 2.5% INCREASE 2,630,352 FY2012 TAX LEVY: 104,829,090 LEVY $ CHANGE USED 5,094,060 SINGLE TAX RATE: 12.79 EXCESS LEVY (UNUSED) CAPACITY 0 % OF LEVY CHANGE FROM GROWTH 48% % OF LEVY CHANGE FROM 2.5% INCREASE 52% COMMERCIAL % VALUE= 15.1488 RESIDENTIAL % VALUE = 84.8512 % TAX LEVY LIMIT USED 100.00% IF COMM=1.75%, SHARE= 26.5104 % TAX LEVY LIMIT UNUSED 0 THEN RES SHARE= 73.4896 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 11.08 RES % OF TOTAL LEVY: 73.4896 # RES PARCLS: 15,569 COM % OF TOTAL LEVY: 26.5104 AVG RES VALUE: 468,447 RES XMP VAL DISCOUNT (30%) MINIMUM RES FACTOR: 86.6100 RES XMP TAX DISCOUNT (30%) COMMERCIAL FACTOR: 175 # EXEMPTIONS: RESIDENTIAL LEVY: 80,782,083 ADJ RES VALUE: 7,293,246,502 COMMERCIAL LEVY: 29,141,067 RESIDENTIAL EXEMPTION BREAK EVEN VALUE ----------------------------------------- ----------------------------------------- ----------------------------------------- ----------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $11.08 $13.09 -$2.01 COMMERCIAL TAX RATE: $22.38 $21.85 $0.53 -15.4% 2.4% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2013 FY2012 FY2013 FY2012 FY2013 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL CHANGE CHANGE CHANGE AVER CONDO 4,379 $320,500 $323,800 $599 $897 49.7% $298 $1,191 AVER 1 FAMILY 2,361 $402,000 $417,500 $866 $1,156 33.5% $290 $1,160 AVER 2 FAMILY 5,274 $484,800 $494,900 $1,137 $1,370 20.5% $233 $934 AVER 3 FAMILY 2,367 $547,500 $558,800 $1,343 $1,547 15.2% $204 $817 AVER 4-8 FAMILY 512 $731,000 $730,500 $1,943 $2,023 4.1% $80 $319 AVER MULTI APT. 137 $2,349,500 $2,540,400 $7,693 $7,035 -8.6% -$658 -$2,634 AVER COMM. , INDUST. 730 $1,459,600 $1,429,800 $7,978 $8,000 0.3% $22 $87 AVER MIXED USE 262 $847,200 $913,100 $3,351 $3,311 -1.2% -$40 -$160 *CONDO, 1, 2, 3, & 4-8 FAMILY INCLUDE RESIDENTIAL EXEMPTION 11

FISCAL YEAR 2013 WITH 175% CLASSIFICATION RECOMMENDED AS OF: 11/20/2012 WITH FY2013 TAX LEVY LIMIT 109,923,150 30% RESIDENTIAL EXEMPTION FY2012 TAX LEVY 104,829,090 TAX LEVY % INCREASE = 4.9% LEVY CHANGE AVAILABLE 5,094,060 TAX BASE EXPANSION FROM GROWTH 2,463,708 FY2013 TAX LEVY: 109,923,150 TAX BASE EXPANSION FROM 2.5% INCREASE 2,630,352 FY2012 TAX LEVY: 104,829,090 LEVY $ CHANGE USED 5,094,060 SINGLE TAX RATE: 12.79 EXCESS LEVY (UNUSED) CAPACITY 0 % OF LEVY CHANGE FROM GROWTH 48% % OF LEVY CHANGE FROM 2.5% INCREASE 52% COMMERCIAL % VALUE= 15.1488 RESIDENTIAL % VALUE = 84.8512 % TAX LEVY LIMIT USED 100.00% IF COMM=1.75%, SHARE= 26.5104 % TAX LEVY LIMIT UNUSED 0 THEN RES SHARE= 73.4896 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 11.08 RES % OF TOTAL LEVY: 73.4896 # RES PARCLS: 15,569 COM % OF TOTAL LEVY: 26.5104 AVG RES VALUE: 468,447 RES XMP VAL DISCOUNT 140,534 (30%) MINIMUM RES FACTOR: 86.6100 RES XMP TAX DISCOUNT 1,885.97 (30%) COMMERCIAL FACTOR: 175 # EXEMPTIONS: 9,063.297558 RESIDENTIAL LEVY: 80,782,083 ADJ RES VALUE: 6,019,545,043 COMMERCIAL LEVY: 29,141,067 RESIDENTIAL EXEMPTION BREAK EVEN VALUE 804,701 ----------------------------------------- ----------------------------------------- ----------------------------------------- ----------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $13.42 $13.09 $0.33 COMMERCIAL TAX RATE: $22.38 $21.85 $0.53 2.5% 2.4% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2013 FY2012 FY2013 FY2012 FY2013 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL* CHANGE CHANGE CHANGE AVER CONDO 4,379 $320,500 $323,800 $599 $615 2.6% $16 $63 AVER 1 FAMILY 2,361 $402,000 $417,500 $866 $929 7.3% $63 $253 AVER 2 FAMILY 5,274 $484,800 $494,900 $1,137 $1,189 4.6% $52 $208 AVER 3 FAMILY 2,367 $547,500 $558,800 $1,343 $1,403 4.5% $60 $241 AVER 4-8 FAMILY 512 $731,000 $730,500 $1,943 $1,979 1.9% $36 $145 AVER MULTI APT. 137 $2,349,500 $2,540,400 $7,693 $8,523 10.8% $830 $3,320 AVER COMM. , INDUST. 730 $1,459,600 $1,429,800 $7,978 $8,000 0.3% $22 $87 AVER MIXED USE 262 $847,200 $913,100 $3,351 $3,685 10.0% $334 $1,336 *CONDO, 1, 2, 3, & 4-8 FAMILY INCLUDE RESIDENTIAL EXEMPTION 12

TAX RATE CHANGES SINCE FY09 CHANGE % CHANGE RESIDENTIAL TAX RATE FROM FROM FISCAL YEAR PREVIOUS YR. PREVIOUS YR. FY 2013 $13.42 $0.32 2.44% FY 2012 $13.10 $0.39 3.07% FY 2011 $12.71 $0.41 3.33% FY 2010 $12.30 $0.59 5.04% FY 2009 $11.71 COMMERCIAL TAX RATE CHANGE % CHANGE FROM FROM PREVIOUS YR. PREVIOUS YR. FY 2013 $22.38 $0.52 2.38% FY 2012 $21.86 $0.65 3.06% FY 2011 $21.21 $0.77 3.77% FY 2010 $20.44 $1.19 6.18% FY 2009 $19.25 INDICATES THAT RATES HAVE INCREASED BUT AT A DECREASING RATE 13