Greenwich Board of Estimate and Taxation Meeting, October 21, 2024

 

Screenshot, BET (GCTV)


The Greenwich Board of Estimate and Taxation recently held their meeting on Monday, October 21, 2024,

Topic discussions included:

The impact of changes in motor vehicle pricing on taxation. Approximately 1,400 trailers and ATVs will no longer be taxed, resulting in a loss of around $33,000 in taxes. The assessment for these trailers was approximately $2.8 million.  Instead of using the actual market value of the car, assessments will now be based on the Manufacturer's Suggested Retail Price (MSRP) of the car. This means that the depreciation of the car will no longer be considered. This change may result in a loss of around 12% of the motor vehicle valuation and approximately $1.5 million in tax revenue. To track the value of motor vehicles, the Department of Motor Vehicles (CTDMV) provides a list of all the vehicles to the town. The town's vendor then prices most of the cars using the MSRP and a depreciation schedule outlined in the statute. However, there are still some cars that need to be priced by the town's office.  There was discussion to determine a different mill rate for motor vehicles compared to other properties, but it would require going before the Representative Town Meeting (RTM? and creating a separate taxing district. This could help offset the loss in tax revenue.

Discussion on a resolution for grant acceptance and the American Rescue Plan. It was mentioned that the resolution was part of the package given to them, but there is no standalone resolution being voted on. There was some uncertainty about whether people reviewed or looked at the resolution. Additionally, there was some discussion at the budget committee about some concerns about the BET typically not accepting grants. They question whether they are obligated to take action on the resolution and note that the resolution document in their packet says BET NRM, which was filled out by them when they entered the grant. There was additional discussion on the need to approve the resolution and then work out the details afterwards.

Recorded Video (GCTV)

Discussion on the replacement of a fire engine that was approved a couple of months ago. The insurance for the fire engine is now $800,000, which is higher than the initial approved amount. The insurance was initially approved at a lower amount, around $500,000 which was negotiated and brought the insurance cost down to $84,000. This amount will be put into the capital non-recurring fund to offset the cost of the recently approved fire engine.

The special project team's report included updates on the Central Middle School (CMS) project and the Julian Curtis cafeteria. They are currently in the bidding phase for the CMS project and expect more information in mid-November. They also discussed the possibility of expanding the Julian Curtis cafeteria, but note that an exterior expansion would be very expensive. It suggested that any changes should be focused on the interior and that it's a longer-term discussion.

Board of Estimate and Taxation Meeting Packet Read





 


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