Needham MA Office Park Eventually Will Bring Millions in Tax Revenue
Towns look to commercial office parks for tax relief. Needham is one of those towns. A Boston Globe article excerpt below describes how the 2.5 million square feet in new office could bring millions in tax revenue. The good news about Needham is the lower tax rate we have in comparison to other towns.
Needham's commercial office park will once again bring home tax relief without the overhead.
Needham "Town Meeting voters approved changes in the zoning rules to encourage development in the property, off the highway’s Exit 19A. The changes will allow for taller buildings and as much as 2.5 million square feet in new office space, growth that could eventually bring in millions in tax revenue for Needham each year, Bailin notes."
The revamp is badly needed at the business center, more than 50 years old. It once accounted for as much as 22 percent of Needham’s tax revenues, but that number is just 11 percent now.
"Meanwhile, the value of residential property in Needham has soared, with the town featuring some of the area’s highest home prices. The median home price stood at $649,400 as of last month, up nearly $20,000 over the end of 2010, according to the Warren Group, a Boston-based real estate data firm and publisher." Boston Globe January 22, 2012
For full article.
Two articles on this subject in Needham Times
