Victor Santaniello, the assessing manager in Lynnfield, spoke at the Select Board meeting to go over the Fiscal Year 2025 (FY25) tax classification.
“Tonight, we’re here to discuss four aspects that are required in order for the town to set a tax rate,” Santaniello said.
The four aspects the meeting focused on were the selection of a minimum residential factor, selection of an open space discount, granting of a residential exemption, and granting of a small commercial exemption.
Lynnfield has used the tax shift function to better equalize any tax increase between classes and Lynnfield’s current max shift capacity is 167%, according to Santaniello. Historically, the town has shifted to the max capacity.
“The anticipated tax rates would be $10.56 per thousand of value and an estimated CIP (Commercial Industrial Personal Property) rate of $19.23 per thousand,” he said.
The minimum residential factor to be voted on by the Select Board was .916970 which is anticipated to yield the above rates of $10.56 and $19.23. However, these rates can change during the approval process by the State Department of Revenue.
The board voted unanimously to adopt the minimum residential factor of .916970. It also voted unanimously to not adopt the residential exemption, small commercial exemption, and open space discount.
