The listers will have an opportunity to let the Tax Department know if a
homestead declaration has been filed that they have reason to believe does
not qualify. It's one of the fields being built into the June 1 response.
More information on this is available at the Town Officers' Educational
Mary Jane, chiming in from Tax Dept.
----- Original Message -----
From: "Michalina Wasung Townshend Treasurer" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Thursday, April 08, 2004 7:47 AM
Subject: Act 68 Question ANDTax Antic. Borrowing
Printed both of these yest to take home to actually read.
ACT 68 question: Let the TAX DEPT sugar this one out ('resident' with
(also see Mary Jane Grace's April 4 muninet email) The Listers will have
criteria when they get the homestead download. Tax Dept will be auditing
this stuff. I don't know if they will request any 'heads up's'
maybe MJ Grace can chime in here.
Tax Anticipation Borrowing question:
This is hard to answer without knowing how many tax collections and such.
Keep in mind:
1) Rates for long term (in this case 6 to 12 months) are somewhat higher
than less than 6 months.
2) Townshend (calendar year/1 tax collection) borrows once in late spring -
enough to 'make it' til taxes October 1st. this may not provide an
equivalent in your case
3) "Line of Credit" notes (which sometimes have a slightly higher rate and
usually cannot be paid down early) have been vy useful because when you
borrow the actual due dates to pay for the big summer highway projects can
be very indefinite. So you can do a cash flow on the worst case scenario
for these notes and only borrow what you must have.
4) Cash Flow projections for a whole year (as required by your schedule)
are truly a crystal ball best guess especially when the entire winter must
be considered. Mother nature has a way of blowing our budgets to
smithereens on occasion.
Hope this helps.
Miki, Townshend Treasurer