ATM-21 asks voters to accept MGL Chapter 59,§57C, to allow the Town to send out property tax bills on a quarterly-- rather than semi-annual basis. This has the principal advantage of allowing the Town to send out estimated quarterly tax bills in July and September each year, so that tax revenues are coming in, even when-- as for the past two years-- there are significant delays in setting the tax rate.

According to an April 2000 report issued by the Massachusetts Department of Revenue, more than half of all cities and towns in the commonwealth-- 187 out of 351-- use quarterly tax bills, including the Cape & Islands communities of Bourne, Mashpee, Nantucket, Sandwich, and Tisbury. This would not only save the money the Town has had to spend on revenue anticipation notes, but it would allow us to be earning interest on income collected from timely tax bills. It is projected that the Town's increased annual interest income would more than offset the cost of enhancements to the Town's financial systems, plus the additional cost of collections.