The four pages of the Tax Rate Recapitulation form are available on the MA DOR Division of Local Services website: Tax Rate Recapitulation Form
Members had several options with
respect to this betterment.
1. Pay the betterment over 40 years as shown on the
enclosed schedule. Each of the annual
payments shown on this schedule will be billed by the Board of Assessors in two
installments with one half due on August
1 and one half due on November 1
each year beginning in 2013.
2. Full pre-payment: Pay off the entire betterment. To avoid first year interest, this amount
must be paid within the next 30 days.
3. Partial pre-payment: Pay a portion of the betterment to reduce
annual payments thereafter. To avoid
first year interest on the portion that you do pay, this amount must be paid
within the next 30 days.
4. Reduced term:
Reduce the number of years over which you plan to pay the betterment as
shown in the enclosed schedule, e.g. for 10, 20 or 30 years. Reducing the term of the betterment will
result in a reduction in the total amount of interest paid.
5. A combination of partial payment of the
betterment over a term less than 40 years.
6. After your payment schedule is established, you
will have the option of paying off the remaining balance on your betterment at
any time in the future.
The form enclosed with the betterment letter should have been returned to the District Clerk by
February 22, 2013. If members did not
respond within this time period, it was assumed that they wished to pay their
betterment over a 40 year term.
Members must have selected their option within 30 days to provide the Board of Assessors
with sufficient time to set up billing within the Town’s tax and betterment
billing system. Since full and partial
pre-payments will reduce the total amount to be borrowed from the U. S.
Department of Agriculture’s (USDA) Rural Development program, it is also
important that the District know the final loan amount so that the loan can be
consummated and the judgment paid as soon as possible in 2013.