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<font face="Verdana" size="2">1471 Highland Avenue</font></b><p style="margin-top: 1; margin-bottom: 1"><b>
<font face="Verdana" size="2"> Needham, MA 02492<br>
Phone - 781-455-7507<br>
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<p class="MsoNormal" align="center" style="text-align: center; margin-top: 1; margin-bottom: 1">
<font face="Verdana" size="5" color="#0000FF"><b>Information About Fiscal Year 2005 Real
Estate Tax Bill</b></font></p>
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<p style="margin-top: 1; margin-bottom: 1"> </p>
<p class="MsoNormal" style="margin:1 5; "><b><i>
<span style="FONT-FAMILY: Verdana">Did the property values in Needham
change from last year?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Yes. As is required by
State law, the Board of Assessors performed the interim year adjustment of
all property. The average residential property
value increased 3.5%. These values
represent the market value of properties as of January 1, 2004, and
reflect the continuation of a strong residential market in Needham, and a
stable commercial market. It is important to note that while the average
single family home value increased by 3.5%, there are individual
differences in valuation changes among neighborhoods. In some
neighborhoods, recent sales have resulted in value increases of greater
than 3.5%. Other neighborhoods have experienced less than a 3.5% increase
in value.</span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana"> </span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-FAMILY: Verdana">Are all properties taxed the
same?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">No. There can be a
shift of the tax burden among the property classes. Taxable property in
Massachusetts falls under one or more of the following classifications:
residential, open space, commercial, industrial, and personal property.
Massachusetts communities may shift some of the residential tax onto the
commercial, industrial, and personal properties by adopting a residential
factor which creates a split tax rate. Needham has a split tax rate,
taxing commercial and industrial property at a higher rate than
residential property. The split tax rate represents a $661 cost savings
for the average residential property owner. Although Needham�s commercial
properties remained stable, they cannot keep pace with the rise in
residential property values. The Board of Selectmen, in consultation with
the Board of Assessors, voted to set the FY 2005 shift factor at 1.75, the
maximum shift available for Needham. </span>
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">The shift factor was
1.75 in fiscal year 2004 as well. </span>
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">This means that for FY
2005, commercial, industrial, and personal property, while representing
only 12% of the total taxable value, will pay 22% of the total taxes.
The shift factor was 1.75 in fiscal year 2004.</span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana"> </span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Since the
implementation of the two tier tax rate in 1988, the Town and the
residents have experienced significant benefits by shifting the tax burden
to commercial property. However, because commercial properties are now a
much smaller share of the Town�s total property value, the ability of the
commercial property to shoulder the tax burden has diminished. The Town
has been proactive in attempting to maintain a healthy commercial tax base
which generates stable tax revenues from businesses and enhances, rather
than detracts, from the quality of life for Needham residents. The
on-going revitalization of the Town�s commercial base, particularly after
the re-zoning of the New England Business Center in 2002, is a vital
component of Needham�s future, and our ability to maintain the quality of
services and broaden the tax base.</span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana"> </span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-FAMILY: Verdana">What is the change in real estate
tax rates for fiscal year 2005?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
</p>
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<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana; text-decoration:underline">
Tax Rate </span><!--mstheme--></font></td>
<td width="174" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana; text-decoration:underline">
FY05</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana; text-decoration:underline">
FY04</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana; text-decoration:underline">
$ Change</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana; text-decoration:underline">
% Change</span><!--mstheme--></font></td>
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<td width="174"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Residential</span><!--mstheme--></font></td>
<td width="174" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">$ 9.61</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">$ 9.45</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">+$ 0.16 </span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica"><font size="2">
<span style="font-family: Verdana">+ 1.69</span></font><span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">%</span><!--mstheme--></font></td>
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<td width="174"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Commercial</span><!--mstheme--></font></td>
<td width="174" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">$ 18.83</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">$ 18.56</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">+$ 0.27</span><!--mstheme--></font></td>
<td width="175" align="center"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">+ 1.45%</span><!--mstheme--></font></td>
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<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana"> </span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
</p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-FAMILY: Verdana">What is the total tax levy to be
collected by the Town?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">The tax levy is the
amount of revenue a community can raise through real estate and personal
property taxes. The total tax levy for fiscal year 2005 is
$64,441,460. This is approximately $3.0 million, or 4.86%, more than
fiscal year 2004. The increase in the levy is comprised of the allowable
2 �% increase, growth in the tax base from new construction, the impact of
debt exclusion overrides. </span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
</p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-FAMILY: Verdana">How can my taxes go up by more
than 2 � %?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Proposition 2 � places
limits on the total amount of tax levy that can be raised by a city or
town. It does not include voter-approved debt exclusion overrides, nor
does it apply to an individual tax bill. Each individual tax bill is
affected by the change in value of that property compared to changes with
all other property, and the change in the tax rate.</span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana"> </span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-FAMILY: Verdana">How are Properties Valued?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Massachusetts is a
state which requires that all property be valued at 100% of "fair market
value". Prior to 1961, assessments were done haphazardly. There was little
if any equity. Equity means that all tax payers pay a proportionately
equal tax bill. Assessed values must reflect market value in several
stratifications. The assessor cannot make an across the board percent
adjustment to values. To develop values, the assessor conducts an analysis
of the sale of real estate during the previous year (in this case, 2003.)
These sales are put through a statistical analysis. In 2003 there
were over 500 sales. These sales are scrutinized to ensure that only "arms
length transactions" are included. For the FY05 analysis, 418
residential single family sales were used. These properties are then
stratified by neighborhood, style, age, sale date, and sale price. The
first test is a ratio of assessed value to sale price. To meet state
requirements, the overall median ratio must be between 90% and 110%. Then,
each stratification must also fall within this ratio, i.e. all capes must
be between 90% and 110%, all ranches, etc. Sale date and sale price ratios
are studied in a quartile for the year. Furthermore a neighborhood
stratification is then required. For example, all colonial style houses in
a particular neighborhood are reviewed. This must be done for each style
of house in each neighborhood. When that analysis is completed, the
assessor must develop a coefficient of dispersion for each category
previously mentioned. That is to say that all of our capes have to be in a
range of 5 to 8 percent of the cape sale that was the median in that
particular sample. This again is done for each style, age, sale price and
date.</span></p>
<p style="margin:1 5; TEXT-ALIGN: justify">
<span style="FONT-FAMILY: 'Trebuchet MS'"> </span></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<b><i><span style="FONT-FAMILY: Verdana">Are there Programs to assist
those who have difficulty paying their taxes?</span></i></b></p>
<p class="MsoNormal" style="margin:1 5; text-align: justify; ">
<span style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Needham offers a
variety of tax exemptions and other programs to relieve the tax burden for
qualified individuals such as the elderly, the blind, disabled veterans,
and widows and widowers. For more information on these programs, contact
the Board of Assessors at 781-455-7507. </span></p>
<p class="MsoNormal" style="text-align: justify; margin-top: 1px; margin-bottom: 1px">
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