This article regarding Article #14 was submitted by Jim Moran, Longmeadow resident.
Question- Do town residents want to see additional shopping in town or do they want to see their taxes reduced through commercial development of the property or both?
Voters at the Special Town Meeting on Tuesday need to know the impact of this development on their quarterly tax bill.
Because Colvest and others in town including some Select Board members are promoting this development as a means to reduce property taxes for homeowners or to mitigate the effects of the Proposition 2.5 tax ceiling, I decided to determine the actual impact of additional property taxes from a new shopping center at this location on our budget process.
Normally I would ask long time town employee Paul Pasterczyk with budget related questions but he retired this past June and is no longer available. My next best resource is Mark Gold- a long time member of the Select Board and one of the most knowledgeable members of our town government regarding Longmeadow's budget process.
Here are some of Mark Gold's comments in this matter....
are recent estimates made by the Longmeadow Assessors office with assistance from KRT appraisals for property values and tax revenue for the proposed 916 Williams Street development based upon a
similar recently developed adjacent parcel for the Longmeadow Shops.
- Total Town property evaluation was $2,283,546,608
- Amount to be raised by taxes: $56,494,943
- Tax rate; (2 divided by 1): $24.74
- Total Town evaluation was $2,288,546,608 (increase of $5 million)
- Amount to be raised by taxes: $56,494,943 (this doesn't change in this scenario)
- Tax rate; (B divided by A): $24.69
That's a reduction of $0.05 in the tax rate.
For the "average" home assessed at $354,000, that's a savings of $15 in ONE YEAR ONLY. After that, the taxes go up again, although one could argue that they save that $15 every year in perpetuity.
Regarding Tuesday's town meeting vote on Article 14 .....
Vote YES if you simply desire to see additional shopping options in town. Remember a YES vote will have a very minor effect on your tax bill.
Vote NO if you want this property to remain zoned as Residential.