This spring, I attended a presentation on increasing the commercial tax base, specifically by improving Belmont Center through rezoning.
The audience was interested in improving the Belmont Center as a diverse and vibrant commercial enterprise.
It became clearer that part of the audience wanted Belmont Center to generate more commercial tax revenue, and the tax override was frequently mentioned as the issue.
Audience members made it clear they were struggling to afford their residential taxes and mentioned the burden of the override.
Time has passed, and several relevant events have occurred.
- There was a Belmont town election for Select Board and Town Meeting members.
- Some elected officials ran on a platform to increase the commercial tax base, which would enhance Belmont’s financial stability and reduce the need for an override.
Now, Belmont’s Administrator and Planning Board are focused on commercial development and are tied in knots due to limited space for commercial development, as well as secondary issues of zoning, parking, traffic, and opposition from Belmont Center businesses, some homeowners from the Belmont Historic District, and Belmont Center landowners.
It is time to untie the knot.
Rezone some underutilized land areas in Belmont. For example:
1. Rezone the Tellier buildings on Concord Avenue for two 6-story apartment buildings, occupying 80% space. There would be about 260 apartments/condos. The real estate tax for each apartment would be roughly $1.1 million annually.
2. Rezone the Purecoat North Buildings just off Brighton Ave The real estate tax for each apartment would be between $1.1 million and $3.4 million per year.
Together, these two examples amount to half of the tax override for 2024.
John Beatty, Pleasant Street