A Tax Classification Study Group, appointed by the Board of Selectmen, is evaluating the tax classifications in town. Business and commercial property owners should pay attention to this initiative. We need to know how this will impact your business.
A split tax rate in Westford would shift a percentage of the burden of taxes (at a rate to be determined by Selectmen) from residential property owners to commercial property owners. A split tax rate does not increase revenue overall; it changes the allocation of who bears the tax expense.
Example:
The maximum allowable shift is 50%; but even at a 10% shift here’s the impact:
SFR average valued at $520,393 – pays $8,284.66 – saving $135.00
Commercial property valued at $520,393 – pays $9,263.00 – increased by $843.04
Avg. commercial property valued at $884,000 – pays $15,735.20 – increased by $1,432.08
Large commercial prop. valued at $5,000,000 – pays $89,000.00 – increased by $8,100.00
Here’s what you can do as a business and commercial property owner in town:
- Email the Board of Selectmen to let them know how an additional tax burden would impact your business. (For individual selectmen’s emails and phone numbers use this link: https://www.westfordma.gov/297/Board-of-Selectmen.)
- Join the Westford Business Association, as a member you’re part of an established organization working to support local businesses.
- Mark your calendar for the tax classification hearing held every year in the fall. Board of Selectmen meetings are held on the 2nd and 4th Tuesday each month.
A split tax rate would put an undue burden on business owners in town, especially the small business owners. If you are doing business in town, get involved and support the efforts of the Westford Business Association and the Economic Development Committee. The WBA and EDC are working to support local business.
Stay informed,
The WBA Board of Directors
June 2018