Town Hopes PILOT Plan to Fly In Funds
Belmont hopes to emulate Cambridge's decades old successful program.
In a five-month span in 2006, houses on Somerset Street, Park Avenue and Marsh Street were sold and, suddenly, Belmont's taxes took an immediate hit of nearly $50,000. That is because the homes literally disappeared from the town's Treasurer and Tax Collector's books as if they no longer existed. The reason was quite simple; the three properties were sold to the Belmont Hill School and the Massachusetts Audubon Society, non-profits that are exempt from paying property taxes to Belmont. And the purchase of property continues. In the past six years, Belmont Hill as bought or is in the process of purchasing three properties on Prospect Street worth $6 million. As of now, the properties are being using as rentals and continue to generate …
