Kevin Sullivan
The town launched an override calculator, allowing residents to enter an address and see how much their taxes would increase with or without an override.
Using the calculator, The Voice created a chart showing potential property taxes for four different types of homes in Belmont: a condo in a two-family home, one unit of a duplex, a medium-sized single-family house, and a large single-family house. (Images created by Gemini Apps.)
First, the calculator lists the assessed value of the property and the current tax bill. Then, it estimates next year’s tax bill, listing all the associated costs. Like anything with budgets, it’s a little wonky.
The first thing to understand is that whether or not the override passes, taxes will still go up next year for two main reasons: 1) property taxes increase about 2½% each year anyway, and 2) Belmont voters have already agreed to increase their taxes to pay for the new ice rink and library.
The cost of the new ice rink and library will increase over the next three years. The reason is a bit complicated.
The town borrows money when needed to minimize interest costs. For a large construction project, the town needs less money at the beginning and more as the project progresses.
All of that is reflected in tax bills. So, for example, if you own a $1 million home, the amount you pay for the rink and library will change over time. In fiscal 2025, you’ll pay $124, $157 in 2026, and $374 in 2027. At that point, the costs aren’t expected to increase until the projects are paid off.
You can check the proposed override’s impact on your home at belmont-ma.gov/town-budget-information by clicking the Override Impact Calculator.
