Bill > H4649

This bill expands the exemption for residential property in the town of Wellfleet. Specifically, it allows for an exemption of up to 35% of the average assessed value of all class one residential parcels within Wellfleet, with the approval of the Selectboard. The exemption applies to the principal residence of the taxpayer or a residential parcel occupied by a resident of Wellfleet on a year-round basis. The town can also adopt criteria to determine who qualifies as a resident. The exemption is in addition to any other exemptions allowed under state law, but the taxable valuation of the property cannot be reduced below 10% of its full and fair cash valuation. The bill also establishes a process for taxpayers to apply for the residential exemption and sets the effective date as the first day of the fiscal year following the passage of the act.