Revere Board of Assessors Chair Dana Brangiforte and Assessors John Verrengia and Mathew McGrath appeared at a City Council hearing Monday night to discuss the adoption of the proposed Fiscal Year 2022 tax rate.
Brangiforte said the proposed new residential rate for homeowner would be $10.42 per $1,000, which is a decrease from Fiscal Year 2021 when it was $11.06. The commercial tax rate will be $20.56 per $1,000, a decrease from Fiscal Year 2021 when it was $21.83.
During his presentation, Brangiforte provided an assessment overview. â€œThe levy limit â€“ the amount of money that weâ€™re going to raise through real estate and personal property taxes â€“ last yearâ€™s limit was $95 million (plus $655, 289) so we add 2.5 percent of that which is was Proposition 2 Â½ allows you to do, and added to that new growth, so the toal tax levy is $102 million (plus $73,296), so that is the amount of money that will be raised through taxes.â€
Braniforte displayed a chart that showed tremendous growth in properties in the city, notably the new developments on Revere Beach Boulevard, Ocean Avenue, and Shirley Avenue.
â€œThat was $4.16 million, so thatâ€™s the largest growth that this city has ever realized,â€ said Brangiforte. â€œ$2.1 million came from residential, and $1.9 million came from the commercial side â€“ the largest commercial growth that weâ€™ve ever had.â€
The big contributors on the commercial side included Amazon, the Suffolk Downs subdivision, and two new hotels.
Councillor-at-Large Gerry Visconti commented that â€œI feel these large-scale apartment housing [developments] are under-assessed, and weâ€™re missing that revenue and thatâ€™s really my biggest concern, because, like Councillor Keefe said, it would offset some of the residential taxes. Itâ€™s about time we try to get some relief to the residents.â€
Ward 1 Councillor Joanne McKenna expressed the feelings of many of her constituents, stating directly to Chair Brangiforte, â€œDana, I agree with Councillor Keefe. I think that the single-family homeownerâ€™s taxes should be less. One of the things I hear from my residents is taxes, traffic, parking. We just raised the water bill and weâ€™re raising the taxes on the single-family house. I mean weâ€™re pushing people out of Revere. We really are. People canâ€™t afford it anymore. We have to some conclusions. We have to find a discount somewhere for these people to keep them here.â€
â€œBecause everyoneâ€™s leaving,â€ continued McKenna. â€œItâ€™s people that have raised their kids here. Theyâ€™re leaving because they canâ€™t afford it. Thatâ€™s what Iâ€™ve been hearing, so I just want to pass that on.â€
Brangiforte acknowledged McKennaâ€™s concerns. â€œI know. We come every year or really every day and weâ€™re the bearer of bad news because itâ€™s taxes, but the thing to understand is that we donâ€™t control taxes. Weâ€™re analyzing the market and weâ€™re repeating that in valuations. Thatâ€™s what weâ€™re doing. The result of the taxes is part of a much larger calculation, through the levy and the budget and all that good stuff.â€
â€œThis is why you get the big bucks,â€ said Council President Anthony Zambuto, drawing a chuckle from those in attendance at the hearing.