2024-47 Resolution of the Council, re: Tax Exploration Committee - Composition and Charge .

THE TOWN OF MIDDLETOWN

RESOLUTION

OF THE
COUNCIL

TAX EXPLORATION COMMITTEE

COMPOSITION AND CHARGE

TO EXAMINE REAL ESTATE TAXATION METHODOLOGIES, CLASSIFICATIONS AND EXEMPTIONS

No: 2024-47

WHEREAS: The Town Council of Middletown recognizes the need to ensure that the real estate taxation system is simple, transparent, neutral, and stable, and

WHEREAS: The Town Council seeks to increase the efficiency and effectiveness of property assessments and ensure accuracy and consistency in real estate taxation, and

WHEREAS: The Town Council desires to understand how potential reforms could impact local housing markets, including the costs of buying, renting, or investing in homes and apartment buildings.

NOW THEREFORE, BE IT

RESOLVED: By the Town Council of Middletown that a Tax Exploratory Committee (hereinafter referred to as "the Committee") is hereby re-established with the following structure and charge:

Section 1: Composition of the Committee
1. The Committee shall consist of seven (7) voting members from the general public who are property owners representing various areas throughout the Town.
2. One (1) member of the Town Council shall serve as a non-voting liaison to the Committee.
3. The members of the Committee shall be appointed by the Town Council.

Section 2: Charge of the Committee
1. The Committee is tasked with examining the current methodologies used for real estate tax assessments and exploring potential reforms.
2. The Committee shall investigate the use of tax classifications and exemptions within the real estate taxation system.
3. The Committee shall aim to identify policies that are simple, transparent, neutral, and stable.
4. The Committee shall explore ways to increase the efficiency and effectiveness of property assessments and improve the accuracy and consistency of real estate taxation.
5. The Committee shall evaluate how potential reforms could impact local housing markets, including costs associated with buying, renting, or investing in residential properties.

Section 3: Public Engagement and Reporting
1. The Committee shall conduct at least one public hearing before finalizing their report to ensure public input and transparency.
2. The Committee shall complete and submit a comprehensive report with their findings and policy recommendations to the Town Council within one (1) year of the