FY2015 Assessor's Classification Report — File 198087

CITY OF SOMERVILLE JOSEPH A. CURTATONE MAYOR SOMERVILLE BOARD OF ASSESSORS MARC A. LEVYE, RMA, MAA MICHAEL FLYNN, MAA CHIEF ASSESSOR AND CHAIRMAN THOMAS J. MULHERN, MAA, MBREA CITY OF SOMERVILLE BOARD OF ALDERMEN HEARING NOVEMBER 25, 2014 ADOPTION OF TAX LEVY PERCENTAGES FOR FY2015 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 86.6735 THE LEGAL MINIMUM FOR THE CITY OF SOMERVILLE FOR FY2015. 2. A MOTION THAT THE BOARD OF ALDERMEN ACCEPTS THE PROVISIONS OF CHAPTER 59, SECTION 5C APPROVING A RESIDENTIAL EXEMPTION OF 35% OF AVERAGE ASSESSED VALUE FOR OWNER OCCUPIED PROPERTIES FOR FY2015. 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 FY2015.

2 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 FY2015. 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 35 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, 2014. 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.

Somerville Board of Assessors Clause Exemptions- Fiscal Year 2015 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 $57,160 $249.00 Widows 17D Surviving Spouse None None $57,160 $249.00 Other 17D Minor Parents are deceased None $57,160 $249.00 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 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) for illustration only ADDITIONAL (UP TO) 100% EXEMPTION AMOUNT SECTION 4 OF CHAPTER 73 ACTS OF 1986 FY 2014 FY 2015 $485,000 VALUE $535,000 VALUE X 12.66 TAX RATE X 12.70 TAX RATE $6,140.10 $6,794.50 -1,907.53 RES. EXEMPTION -2,498.34 RES. EX. $4,232.57 $4,296.16 - 750.00 STATUTORY AMOUNT - 750.00 STAT. AMT. $3,482.57 NET TAX $3,546.16 NET TAX $3,546.16 FY 2015 NEW NET TAX $3,482.57 FY 2014 OLD NET TAX $63.59 INCREASE FROM PREVIOUS YEAR CERTIFICATE $750.00 STATUTORY AMOUNT + $63.59 INCREASE $813.59 THIRD QUARTER BILL DEDUCT $406.80 FOURTH QUARTER BILL DEDUCT $406.79 EFFECTIVE INCREASE IN TAXES $ 0 4

COMPARISON OF STATE FORM LA-4 FY 2014 & 2015 USE CODE DESCRIPTION FY 2014 FY 2015 % CHANGE FY 2014 FY 2015 PARCEL COUNT PARCEL COUNT ASSESSED VALUE ASSESSED VALUE 101 SINGLE FAMILY 2,359 2,348 -0.47% $1,102,374,000 $1,237,078,300 102 CONDOMINIUM 4,589 4,787 4.31% $1,551,117,500 $1,846,089,700 104 TWO FAMILY 5,244 5,213 -0.59% $2,776,305,300 $3,089,535,600 105 THREE FAMILY 2,352 2,328 -1.02% $1,406,724,800 $1,562,788,700 109 2 OR MORE RES. BUILDINGS/1 LOT 69 71 2.90% $49,872,800 $58,371,400 111-125 APARTMENTS 4+ 662 665 0.45% $793,143,100 $866,245,200 130-132,106 VACANT RES. LAND 187 184 -1.60% $10,005,400 $11,470,900 300-393 COMMERCIAL 608 608 0.00% $930,352,600 $960,494,300 400-452 INDUSTRIAL 112 106 -5.36% $331,988,000 $311,627,700 012-043 MIXED USE RESIDENTIAL 256 255 -0.39% $204,784,449 $237,607,064 MIXED USE COMMERCIAL $89,954,551 $95,219,536 501-508 PERSONAL PROPERTY 1,345 1,305 -2.97% $199,049,900 $215,696,880 TOTAL REAL & PERSONAL PROPERTY VALUE 17,783 17,870 0.49% $9,445,672,400 $10,492,225,280 900-990 EXEMPT REAL ESTATE 407 405 -0.49% $1,272,271,900 $1,303,502,600 5

FY2015 ASSESSMENT & PARCEL COUNT CHANGES BY USE & NEIGHBORHOOD SINCE FY2013 PARCEL COUNT ASSESSMENT ASSESSMENT DISTRICT FY13 PARCEL FY14 PARCEL FY15 PARCEL PERCENT FY13-AVG FY14-AVG FY15-AVG PERCENT COUNT COUNT COUNT CHANGE FY14-15 ASSESS. ASSESS. ASSESS. CHANGE FY14-15 SINGLE FAMILY 1001 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 95 94 91 502,400 557,100 636,300 14.22% 2001 (WARD 2, UNION SQ. SOUTH) 269 268 269 398,500 471,900 547,100 15.94% 3001 (WARD 2, COBBLE HILL) N/A N/A N/A N/A N/A N/A 4001 (WEST SOMERVILLE) 430 430 429 581,600 656,900 743,600 13.20% 5001 (WINTER HILL NORTH) 151 151 151 305,200 320,800 356,400 11.10% 6001 (TEN HILLS ) 29 29 29 373,900 393,700 428,900 8.94% 7001 (WINTER HILL/MAGOUN SQ) 480 481 479 346,700 387,300 433,100 11.83% 8001 (CENTRAL, SPRING, & PROSPECT HILL) 640 639 633 442,200 490,700 550,100 12.11% 9001 (EAST SOMERVILLE) 267 267 267 277,700 303,900 340,200 11.94% PARCEL COUNT CHANGE FROM PREVIOUS YR. 0 -2 -11 CITY AVERAGE-SINGLE FAMILY 417,500 467,300 526,900 12.75% TWO FAMILY 1001 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 263 263 266 549,500 592,500 673,700 13.70% 2001 (WARD 2, UNION SQ. SOUTH) 469 464 467 463,700 519,600 601,200 15.70% 3001 (WARD 2, COBBLE HILL) N/A N/A N/A N/A N/A N/A 4001 (WEST SOMERVILLE) 1,899 1,882 1,860 -1.17% 573,400 623,400 698,800 12.09% 5001 (WINTER HILL NORTH) 195 196 193 375,800 377,100 412,300 9.33% 6001 (TEN HILLS ) 205 205 204 433,700 439,100 478,100 8.88% 7001 (WINTER HILL/MAGOUN SQ) 618 614 612 410,700 429,300 477,200 11.16% 8001 (CENTRAL, SPRING, & PROSPECT HILL) 1,104 1,099 1,095 502,400 531,300 590,700 11.18% 9001 (EAST SOMERVILLE) 521 521 516 -0.96% 360,900 372,500 412,900 10.85% PARCEL COUNT CHANGE FROM PREVIOUS YR. -20 -30 -31 CITY AVERAGE-TWO FAMILY 494,900 529,400 592,700 11.96% THREE FAMILY 1001 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 116 116 116 642,300 690,600 789,200 14.28% 2001 (WARD 2, UNION SQ. SOUTH) 368 371 363 -2.16% 559,900 617,400 714,500 15.73% 3001 (WARD 2, COBBLE HILL) N/A N/A N/A N/A N/A N/A 4001 (WEST SOMERVILLE) 607 599 593 -1.00% 645,600 708,200 790,900 11.68% 5001 (WINTER HILL NORTH) 206 205 203 464,900 472,000 528,300 11.93% 6001 (TEN HILLS ) 8 8 8 477,500 490,700 525,400 7.07% 7001 (WINTER HILL/MAGOUN SQ) 273 271 269 489,600 514,800 571,100 10.94% 8001 (CENTRAL, SPRING, & PROSPECT HILL) 503 496 491 -1.01% 581,300 616,400 685,200 11.16% 9001 (EAST SOMERVILLE) 286 286 285 435,900 445,700 496,000 11.29% PARCEL COUNT CHANGE FROM PREVIOUS YR. -17 -15 -24 CITY AVERAGE-THREE FAMILY 558,800 598,100 671,300 12.24% CONDOMINIUM 1102 (W. SOMERVILLE SOUTH/CAMBRIDGE LINE) 351 354 399,800 418,700 467,100 11.56% 2102 (WARD 2, UNION SQ. SOUTH) 743 776 793 2.19% 323,200 339,200 387,400 14.21% 3102 (BRICKBOTTOM) 146 146 146 290,100 308,600 345,600 11.99% 4102 (WEST SOMERVILLE) [phone removed] 6.30% 395,500 410,200 459,900 12.12% 5102 (WINTER HILL NORTH) 282 301 308 2.33% 235,000 240,200 283,400 17.99% 6102 (TEN HILLS ) 51 51 53 324,000 332,000 351,200 5.78% 7102 (WINTER HILL/MAGOUN SQ) 536 551 562 2.00% 252,500 253,700 303,000 19.43% 8102 (CENTRAL, SPRING, & PROSPECT HILL) 1027 1088 1168 7.35% 330,400 344,500 394,600 14.54% 9102 (EAST SOMERVILLE) 331 341 357 4.69% 252,500 259,300 303,300 16.97% PARCEL COUNT CHANGE FROM PREVIOUS YR. +120 +210 +198 CITY AVERAGE-CONDOMINIUM 323,800 338,000 385,600 14.08% 7

FY 2015 VALUATION CHANGES* BY PERCENTAGE FROM FY 2014 TO FY 2015 NUMBER OF NUMBER OF NUMBER OF NUMBER OF NUMBER OFNUMBER OF NUMBER OF % CHANGE 1, 2, & 3 FAMILY CONDOS 4‐8 UNITS 9+ UNITS COMM. IND. MIXED TOTAL PARCELS % CHANGE <0% 25 65 4 4 155 16 14 283 1.76% 0+% to < 5% 45 472 106 70 391 74 79 1,237 7.68% 5% to < 10% 1,757 954 258 41 22 4 86 3,122 19.37% 10% to < 15% 6,904 1,220 95 12 15 0 54 8,300 51.50% 15% to < 20% 940 902 24 3 8 2 16 1,895 11.76% 20% to < 25% 121 518 6 0 4 3 2 654 4.06% 25% to < 50% 138 417 7 5 8 2 2 579 3.59% 50% to < 100% 18 2 5 2 1 0 2 30 0.19% 100+% 7 2 6 0 1 0 0 16 0.10% 9,955 4,552 511 137 605 101 255 16,116 100.00% *INCLUDES PROPERTIES WITH IMPROVEMENTS, UNDER CONSTRUCTION, WITH OTHER DATA CHANGES AND ABATEMENTS   BUT EXCLUDES NEW ACCOUNTS FOR WHICH THERE WAS NO VALUE IN FY 2014 (ie. CONDO CONVERSIONS).

AVERAGE SALE PRICES 2011, 2012, 2013 & YEAR TO DATE 2014 CALENDAR CALENDAR CALENDAR CALENDAR 2014 PERCENT PERCENT PERCENT 2011 2012 2013 (YEAR TO DATE*) CHANGE 11-12 CHANGE 12-13 CHANGE 13-14 THRU SEPTEMBER SINGLE FAMILY 530,100 551,600 639,300 592,200 4.06% 15.90% -7.37% TWO FAMILY 516,200 558,400 695,700 727,500 8.18% 24.59% 4.57% THREE FAMILY 610,000 635,400 777,900 939,900 4.16% 22.43% 20.83% CONDOMINIUM 404,700 412,700 457,600 472,000** 1.98% 10.88% 6.28% *2014 SALES ARE THROUGH SEPTEMBER BUT NOT ALL HAVE BEEN VERIFIED AS MARKET SALES ** DOES NOT INCLUDE 2014 SALES OF UNITS TO BE ASSESSED AS CONDOS FOR THE FIRST TIME IN FY2016 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. (NUMBER OF UNITS) 2010 3928 N/A N/A 2011 4138 210 5.35% 2012 4259 121 2.92% 2013 4379 120 2.82% 2014 4589 210 4.80% 2015 4787 198 4.31% 2016 (THRU PART OF OCT.) 4911 124 2.59% OF THE 198 UNITS ADDED FOR FY 2015, 25 WERE NEW CONSTRUCTION AND 173 WERE CONVERSIONS. FORECLOSURES CALENDAR YR. NUMBER PERCENT CHANGE FROM PREVIOUS YR. 2010 56 N/A 2011 38 -32.14% 2012 23 -39.47% 2013 7 -69.57% 2014 (THRU SEPTEMBER) 9 28.57% THE 7 FORECLOSURES IN CAL.2013 INCLUDE 2 CONDO UNITS, 3 SINGLE FAMILY, 1 THREE FAMILY & 1 COMMERCIAL PROPERTY. 10

MEDIAN SALE PRICES CALENDAR 2011, 2012, 2013 AND 2014 YEAR TO DATE (VARIOUS CITIES) CALENDAR 2011 CALENDAR 2012 CALENDAR 2013 CALENDAR 2014 % CHANGE 11-12 % CHANGE 12-13 % CHANGE 13-14 % CHANGE 11-14 (THRU SEPTEMBER) (YEAR TO DATE) (YEAR TO DATE) SOMERVILLE SINGLE FAMILY 450,000 448,250 544,350 540,000 -0.39% 21.44% -0.80% 20.00% CONDOMINIUM 360,000 375,000 409,000 469,000 4.17% 9.07% 14.67% 30.28% MEDFORD SINGLE FAMILY 339,500 355,000 395,000 420,000 4.57% 11.27% 6.33% 23.71% CONDOMINIUM 280,000 284,900 301,000 339,428 1.75% 5.65% 12.77% 21.22% ARLINGTON SINGLE FAMILY 498,844 515,000 550,000 620,500 3.24% 6.80% 12.82% 24.39% CONDOMINIUM 340,000 350,000 362,500 433,750 2.94% 3.57% 19.66% 27.57% BOSTON SINGLE FAMILY 1,930,000 1,950,000 2,150,000 3,058,500 1.04% 10.26% 42.26% 58.47% CONDOMINIUM 555,000 574,100 645,000 704,438 3.44% 12.35% 9.22% 26.93% CAMBRIDGE SINGLE FAMILY 735,500 812,500 858,000 1,162,200 10.47% 5.60% 35.45% 58.01% CONDOMINIUM 417,000 437,500 498,000 566,500 4.92% 13.83% 13.76% 35.85% EVERETT SINGLE FAMILY 220,000 237,000 260,000 282,000 7.73% 9.70% 8.46% 28.18% CONDOMINIUM 139,500 133,000 179,000 247,000 -4.66% 34.59% 37.99% 77.06% BROOKLINE SINGLE FAMILY 1,153,550 1,200,000 1,237,500 1,500,000 4.03% 3.13% 21.21% 30.03% CONDOMINIUM 503,000 487,500 525,500 625,000 -3.08% 7.79% 18.93% 24.25% CHELSEA SINGLE FAMILY 210,900 189,500 238,500 260,000 -10.15% 25.86% 9.01% 23.28% CONDOMINIUM 145,000 170,000 200,000 220,000 17.24% 17.65% 10.00% 51.72% MALDEN SINGLE FAMILY 261,250 278,000 315,000 325,000 6.41% 13.31% 3.17% 24.40% CONDOMINIUM 187,250 196,250 197,484 233,200 4.81% 0.63% 18.09% 24.54% STATE SINGLE FAMILY 285,000 290,000 322,000 335,000 1.75% 11.03% 4.04% 17.54% CONDOMINIUM 269,900 276,500 298,000 315,000 2.45% 7.78% 5.70% 16.71% SOURCE-THEWARRENGROUP.COM RAW NUMBERS WITH NO SCREENING FOR ARMS-LENGTH NATURE OF SALES 11

  13      LA‐13 NOTES    Major contributors to growth in FY 2015:    Of the $138.8 mil. in new residential valuation growth:    $43.7 mil. from condo growth  $13.7 mil. from Avalon Bay apartments on Block 1, 333 Great River Rd.  $12.6 mil. from Avalon Bay apartments on Block 4, 445 Artisan Way        Of the $64.3 mil. in new commercial and industrial valuation growth:    $26.1 mil. from FRIT for Legoland/Theatre etc., Block 4, 355 Artisan Way  $7.2 mil. from FRIT for offices/retail on subdivided Block 2, 430 Artisan Way  $3.2 mil. from PS Northeast LLC storage, 50 Middlesex Ave.  $3.0 mil. from FRIT for retail on Block 1, 333 Great River Rd.  $2.3 mil. from FRIT for Burger Dive/Starbucks, 702 Grand Union Blvd.        Of the $40.3 mil. in new personal property valuation growth:    $6.9 mil. from Nstar Electric  $3.1 mil. from National Grid  $2.3 mil. from Eagle Investment  $1.9 mil. from Carbonite  $1.8 mil. from Shutterstock Images 

FISCAL YEAR 2015 W. REDUCED LEVY (MINUS $841,986) WITHOUT NOT 175% CLASSIFICATION RECOMMENDED AS OF: 11/25/2014 WITHOUT FY2015 TAX LEVY LIMIT 123,036,937 35% RESIDENTIAL EXEMPTION FY2014 TAX LEVY 116,126,060 TAX LEVY % INCREASE = 5.23% LEVY CHANGE AVAILABLE 6,910,877 TAX BASE EXPANSION FROM GROWTH 4,007,725 FY2015 TAX LEVY: 122,194,951 TAX BASE EXPANSION FROM 2.5% INCREASE 2,061,166 FY2014 TAX LEVY: 116,126,060 LEVY $ CHANGE USED 6,068,891 SINGLE TAX RATE: 11.65 EXCESS LEVY (UNUSED) CAPACITY 841986 % OF LEVY CHANGE FROM GROWTH 66% % OF LEVY CHANGE FROM 2.5% INCREASE 34% COMMERCIAL % VALUE= 15.0877 RESIDENTIAL % VALUE = 84.9123 % TAX LEVY LIMIT USED 99.32% IF COMM=1.75%, SHARE= % TAX LEVY LIMIT UNUSED 0.68% THEN RES SHARE= RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 11.65 RES % OF TOTAL LEVY: 0.0000 # RES PARCLS: 15,851 COM % OF TOTAL LEVY: AVG RES VALUE: 562,058 RES XMP VAL DISCOUNT MINIMUM RES FACTOR: RES XMP TAX DISCOUNT COMMERCIAL FACTOR: # EXEMPTIONS: RESIDENTIAL LEVY: 103,758,543 ADJ RES VALUE: 8,909,186,864 COMMERCIAL LEVY: 18,436,408 RESIDENTIAL EXEMPTION BREAK EVEN VALUE ----------------------------------------- ----------------------------------------- --------------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $11.65 $12.66 -$1.01 COMMERCIAL TAX RATE: $11.65 $21.51 -$9.86 -8.0% -45.9% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2015 FY2014 FY2015 FY2014 FY2015 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL* CHANGE CHANGE CHANGE AVER CONDO 4,787 $338,000 $385,600 $593 $1,123 89.3% $530 $2,119 AVER 1 FAMILY 2,348 $467,300 $526,900 $1,002 $1,534 53.1% $532 $2,128 AVER 2 FAMILY 5,213 $529,400 $592,700 $1,199 $1,726 43.9% $527 $2,107 AVER 3 FAMILY 2,328 $598,100 $671,300 $1,416 $1,955 38.0% $539 $2,154 AVER 4-8 FAMILY 513 $772,600 $855,100 $1,969 $2,490 26.4% $521 $2,083 AVER MULTI APT. (9+) 139 $2,802,100 $2,973,200 $8,869 $8,657 -2.4% -$212 -$849 AVER COMM. , INDUST. 714 $1,753,300 $1,781,700 $9,428 $5,188 -45.0% -$4,240 -$16,962 14

FISCAL YEAR 2015 W. REDUCED LEVY (MINUS $841,986) WITH NOT 175% CLASSIFICATION RECOMMENDED AS OF: 11/25/2014 WITHOUT FY2015 TAX LEVY LIMIT 123,036,937 35% RESIDENTIAL EXEMPTION FY2014 TAX LEVY 116,126,060 TAX LEVY % INCREASE = 5.23% LEVY CHANGE AVAILABLE 6,910,877 TAX BASE EXPANSION FROM GROWTH 4,007,725 FY2015 TAX LEVY: 122,194,951 TAX BASE EXPANSION FROM 2.5% INCREASE 2,061,166 FY2014 TAX LEVY: 116,126,060 LEVY $ CHANGE USED 6,068,891 SINGLE TAX RATE: 11.65 EXCESS LEVY (UNUSED) CAPACITY 841986 % OF LEVY CHANGE FROM GROWTH 66% % OF LEVY CHANGE FROM 2.5% INCREASE 34% COMMERCIAL % VALUE= 15.0877 RESIDENTIAL % VALUE = 84.9123 % TAX LEVY LIMIT USED 99.32% IF COMM=1.75%, SHARE= 26.4035 % TAX LEVY LIMIT UNUSED 0.68% THEN RES SHARE= 73.5965 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 10.09 RES % OF TOTAL LEVY: 73.5965 # RES PARCLS: 15,851 COM % OF TOTAL LEVY: 26.4035 AVG RES VALUE: 562,058 RES XMP VAL DISCOUNT MINIMUM RES FACTOR: 86.6735 RES XMP TAX DISCOUNT COMMERCIAL FACTOR: 175 # EXEMPTIONS: RESIDENTIAL LEVY: 89,931,207 ADJ RES VALUE: 8,909,186,864 COMMERCIAL LEVY: 32,263,744 RESIDENTIAL EXEMPTION BREAK EVEN VALUE ----------------------------------------- ----------------------------------------- --------------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $10.09 $12.66 -$2.57 COMMERCIAL TAX RATE: $20.38 $21.51 -$1.13 -20.3% -5.2% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2015 FY2014 FY2015 FY2014 FY2015 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL* CHANGE CHANGE CHANGE AVER CONDO 4,787 $338,000 $385,600 $593 $973 64.1% $380 $1,520 AVER 1 FAMILY 2,348 $467,300 $526,900 $1,002 $1,330 32.7% $328 $1,311 AVER 2 FAMILY 5,213 $529,400 $592,700 $1,199 $1,496 24.7% $297 $1,187 AVER 3 FAMILY 2,328 $598,100 $671,300 $1,416 $1,694 19.6% $278 $1,112 AVER 4-8 FAMILY 513 $772,600 $855,100 $1,969 $2,158 9.6% $189 $756 AVER MULTI APT. (9+) 139 $2,802,100 $2,973,200 $8,869 $7,503 -15.4% -$1,366 -$5,464 AVER COMM. , INDUST. 714 $1,753,300 $1,781,700 $9,428 $9,078 -3.7% -$350 -$1,399 15

FISCAL YEAR 2015 W. REDUCED LEVY (MINUS $841,986) WITH 175% CLASSIFICATION RECOMMENDED AS OF: 11/25/2014 WITH FY2015 TAX LEVY LIMIT 123,036,937 35% RESIDENTIAL EXEMPTION FY2014 TAX LEVY 116,126,060 TAX LEVY % INCREASE = 5.23% LEVY CHANGE AVAILABLE 6,910,877 TAX BASE EXPANSION FROM GROWTH 4,007,725 FY2015 TAX LEVY: 122,194,951 TAX BASE EXPANSION FROM 2.5% INCREASE 2,061,166 FY2014 TAX LEVY: 116,126,060 LEVY $ CHANGE USED 6,068,891 SINGLE TAX RATE: 11.65 EXCESS LEVY (UNUSED) CAPACITY 841,986 % OF LEVY CHANGE FROM GROWTH 66% % OF LEVY CHANGE FROM 2.5% INCREASE 34% COMMERCIAL % VALUE= 15.0877 RESIDENTIAL % VALUE = 84.9123 % TAX LEVY LIMIT USED 99.32% IF COMM=1.75%, SHARE= 26.4035 % TAX LEVY LIMIT UNUSED 0.68% THEN RES SHARE= 73.5965 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 10.09 RES % OF TOTAL LEVY: 73.5965 # RES PARCLS: 15,851 COM % OF TOTAL LEVY: 26.4035 AVG RES VALUE: 562,058 RES XMP VAL DISCOUNT 196,720 35% MINIMUM RES FACTOR: 86.6735 RES XMP TAX DISCOUNT 2,480.63 35% COMMERCIAL FACTOR: 175 # EXEMPTIONS: 9,046.744154 RESIDENTIAL LEVY: 89,931,207 ADJ RES VALUE: 7,129,511,354 COMMERCIAL LEVY: 32,263,744 RESIDENTIAL EXEMPTION BREAK EVEN VALUE 984,797 ----------------------------------------- ----------------------------------------- --------------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $12.61 $12.66 -$0.05 COMMERCIAL TAX RATE: $20.38 $21.51 -$1.13 -0.4% -5.2% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2015 FY2014 FY2015 FY2014 FY2015 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL* CHANGE CHANGE CHANGE AVER CONDO 4,787 $338,000 $385,600 $593 $596 0.4% $3 $11 AVER 1 FAMILY 2,348 $467,300 $526,900 $1,002 $1,041 3.9% $39 $157 AVER 2 FAMILY 5,213 $529,400 $592,700 $1,199 $1,249 4.1% $50 $199 AVER 3 FAMILY 2,328 $598,100 $671,300 $1,416 $1,497 5.7% $81 $322 AVER 4-8 FAMILY 513 $772,600 $855,100 $1,969 $2,076 5.4% $107 $429 AVER MULTI APT. (9+) 139 $2,802,100 $2,973,200 $8,869 $9,376 5.7% $507 $2,028 AVER COMM. , INDUST. 714 $1,753,300 $1,781,700 $9,428 $9,078 -3.7% -$350 -$1,399 *CONDO, 1, 2, 3, & 4-8 FAMILY INCLUDE RESIDENTIAL EXEMPTION 16

FISCAL YEAR 2015 WITH RESX AT 30% & WITH REDUCED LEVY (MINUS $841,986) WITH NOT 175% CLASSIFICATION RECOMMENDED AS OF: 11/25/2014 WITH FY2015 TAX LEVY LIMIT 123,036,937 30% RESIDENTIAL EXEMPTION FY2014 TAX LEVY 116,126,060 TAX LEVY % INCREASE = 5.23% LEVY CHANGE AVAILABLE 6,910,877 TAX BASE EXPANSION FROM GROWTH 4,007,725 FY2015 TAX LEVY: 122,194,951 TAX BASE EXPANSION FROM 2.5% INCREASE 2,061,166 FY2014 TAX LEVY: 116,126,060 LEVY $ CHANGE USED 6,068,891 SINGLE TAX RATE: 11.65 EXCESS LEVY (UNUSED) CAPACITY 841986 % OF LEVY CHANGE FROM GROWTH 66% % OF LEVY CHANGE FROM 2.5% INCREASE 34% COMMERCIAL % VALUE= 15.0877 RESIDENTIAL % VALUE = 84.9123 % TAX LEVY LIMIT USED 99.32% IF COMM=1.75%, SHARE= 26.4035 % TAX LEVY LIMIT UNUSED 0.68% THEN RES SHARE= 73.5965 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 10.09 RES % OF TOTAL LEVY: 73.5965 # RES PARCLS: 15,851 COM % OF TOTAL LEVY: 26.4035 AVG RES VALUE: 562,058 RES XMP VAL DISCOUNT 168,618 30% MINIMUM RES FACTOR: 86.6735 RES XMP TAX DISCOUNT 2,053.76 30% COMMERCIAL FACTOR: 175 # EXEMPTIONS: 9,046.744154 RESIDENTIAL LEVY: 89,931,207 ADJ RES VALUE: 7,383,752,005 COMMERCIAL LEVY: 32,263,744 RESIDENTIAL EXEMPTION BREAK EVEN VALUE 984,798 ----------------------------------------- ----------------------------------------- --------------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $12.18 $12.66 -$0.48 COMMERCIAL TAX RATE: $20.38 $21.51 -$1.13 -3.8% -5.2% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2015 FY2014 FY2015 FY2014 FY2015 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL* CHANGE CHANGE CHANGE AVER CONDO 4,787 $338,000 $385,600 $593 $661 11.4% $68 $271 AVER 1 FAMILY 2,348 $467,300 $526,900 $1,002 $1,091 8.9% $89 $356 AVER 2 FAMILY 5,213 $529,400 $592,700 $1,199 $1,291 7.7% $92 $369 AVER 3 FAMILY 2,328 $598,100 $671,300 $1,416 $1,531 8.1% $115 $458 AVER 4-8 FAMILY 513 $772,600 $855,100 $1,969 $2,090 6.2% $121 $485 AVER MULTI APT. (9+) 139 $2,802,100 $2,973,200 $8,869 $9,053 2.1% $184 $736 AVER COMM. , INDUST. 714 $1,753,300 $1,781,700 $9,428 $9,078 -3.7% -$350 -$1,399 *CONDO, 1, 2, 3, & 4-8 FAMILY INCLUDE RESIDENTIAL EXEMPTION 17

FISCAL YEAR 2015 W. RESX AT 30% AND NO NEW COMM./RES. AT ASQ WITH REDUCED LEVY (-$841,986) WITH 175% CLASSIFICATION AS OF: 11/25/2014 WITH FY2015 TAX LEVY LIMIT 121,804,341 30% RESIDENTIAL EXEMPTION FY2014 TAX LEVY 116,126,060 TAX LEVY % INCREASE = 4.16% LEVY CHANGE AVAILABLE 5,678,281 TAX BASE EXPANSION FROM GROWTH 2,775,129 FY2015 TAX LEVY: 120,962,355 TAX BASE EXPANSION FROM 2.5% INCREASE 2,061,166 FY2014 TAX LEVY: 116,126,060 LEVY $ CHANGE USED 4,836,295 SINGLE TAX RATE: 11.68 EXCESS LEVY (UNUSED) CAPACITY 841,986 % OF LEVY CHANGE FROM GROWTH 57% % OF LEVY CHANGE FROM 2.5% INCREASE 43% COMMERCIAL % VALUE= 14.5811 RESIDENTIAL % VALUE = 85.4189 % TAX LEVY LIMIT USED 99.31% IF COMM=1.75%, SHARE= 25.5169 % TAX LEVY LIMIT UNUSED 0.69% THEN RES SHARE= 74.4831 RES XEMP CALCULATIONS: LOWEST RES SHARE = 64.2641 PRELIM RATE: (based upon residential value) 10.18 RES % OF TOTAL LEVY: 74.4831 # RES PARCLS: 15,851 COM % OF TOTAL LEVY: 25.5169 AVG RES VALUE: 558,180 RES XMP VAL DISCOUNT 167,454 30% MINIMUM RES FACTOR: 87.1974 RES XMP TAX DISCOUNT 2,058.00 30% COMMERCIAL FACTOR: 175 # EXEMPTIONS: 9,046.744154 RESIDENTIAL LEVY: 90,096,512 ADJ RES VALUE: 7,332,791,026 COMMERCIAL LEVY: 30,865,843 RESIDENTIAL EXEMPTION BREAK EVEN VALUE 977,998 ----------------------------------------- ----------------------------------------- --------------------------------------------- THIS YEAR LAST YEAR CHANGE ----------------------------------------- THIS YEAR LAST YEAR CHANGE RESIDENTIAL TAX RATE: $12.29 $12.66 -$0.37 COMMERCIAL TAX RATE: $20.44 $21.51 -$1.07 -2.9% -5.0% NUMBER AVERAGE AVERAGE AVERAGE 1/4 AVERAGE 1/4 PER $ OF FY2015 FY2014 FY2015 FY2014 FY2015 CENT QUARTERLY YEAR PROPERTY CLASS PARCELS VALUE VALUE BILL* BILL* CHANGE CHANGE CHANGE AVER CONDO 4,787 $338,000 $385,600 $593 $670 13.0% $77 $308 AVER 1 FAMILY 2,348 $467,300 $526,900 $1,002 $1,104 10.2% $102 $408 AVER 2 FAMILY 5,213 $529,400 $592,700 $1,199 $1,306 8.9% $107 $429 AVER 3 FAMILY 2,328 $598,100 $671,300 $1,416 $1,548 9.3% $132 $527 AVER 4-8 FAMILY 513 $772,600 $855,100 $1,969 $2,112 7.3% $143 $573 AVER MULTI APT. (9+) 139 $2,802,100 $2,973,200 $8,869 $9,133 3.0% $264 $1,055 AVER COMM. , INDUST. 714 $1,753,300 $1,781,700 $9,428 $9,103 -3.4% -$325 -$1,300 *CONDO, 1, 2, 3, & 4-8 FAMILY INCLUDE RESIDENTIAL EXEMPTION 18