Photo: The second $100 million borrowing for the new Middle and High School has driven the property tax rate higher.
Belmont taxpayers will see their property tax rate increase by four bits and a nickel as the Board of Assessors recommended a rate for fiscal year 2022 during its annual presentation before the Select Board on Thursday morning, Dec. 10.
“This [coming fiscal] year the tax rate will be going up 55 cents … from $11 to $11.55,” Reardon told the board. According to the assessors, the impact on a residential property valued at $1,285,000 – what the average single family house in Belmont is worth – will be $706. The annual tax bill for that average house comes out to $14,842.
While property values calculated by the assessors cooled off from the past years of double digit increases – this year single families are up 3 percent (as opposed to 18 percent last year), condos 5 percent, two and three families increased by 4 percent and commercial property was flat – the biggest impact on property taxes is the second phase of borrowing for the Middle and High School project. The new $100 million borrowing added 56 cents to the tax bill, said Reardon.
As in past years, the assessors recommended and the selectmen agreed to a single tax classification and no real estate exemptions. Reardon said Belmont does not have anywhere near the amount of commercial and industrial space (at must be least a minimum of 30 percent, said Reardon) to creating separate tax rates for residential and commercial properties. Belmont’s commercial base is approximately four percent of the total real estate inventory.
As for exemptions, the administrative costs to run such a program would be prohibitive for a revenue neutral imitative. And as with the split rate, the majority of taxpayers would see little in reductions or increases in their tax bill.
The Board of Assessors will officially set the fiscal year ‘22 property tax rate on Friday, Dec. 11.