FYI - Wilmington's flush fund is at 7 million

Discussions about the the ridiculous tax evaluations alot of homes received during this recession. (Great timing). Also, any discussions about taxes at all.

FYI - Wilmington's flush fund is at 7 million

Postby Lilbigmouth on Sun Jul 27, 2008 5:03 pm

I thought so to until recently. There was a posting for a Wilmington water/sewer dept job that a few people I know went for. Who got the job?? Cairas' next door neighbor some things never change!!!!
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FYI - Wilmington's flush fund is at 7 million

Postby bferrari on Mon Jul 28, 2008 12:17 am

Just an FYI, that during these "tough" times, Wilmington's "slush fund" is at a whopping 7 million. Their town manager knows money and is frugal with it the right ways. They build a combination Fire/Police/PublicHealth building, they know how to spend it too.
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Re: FYI - Wilmington's flush fund is at 7 million

Postby Chasnbos on Tue Nov 11, 2008 1:10 pm

Its great to see our neighbors got it right. Hopefully Mr Cressman will put on his resume that through his leadership he can do for another town what he did for Tewksbury - Suprise in Tewksbury our taxes are going up because residents should shoulder the burden more so than the businesses


Surprise in Wilmington: Taxes go down
By Alexandra Mayer-Hohdahl, amayer-hohdahl@lowellsun.com
Article Last Updated: 11/11/2008 06:38:12 AM EST


WILMINGTON -- For the first time in at least a decade, Wilmington residents will have to shell out less money than before come property-tax time.

Selectmen voted unanimously last night to maintain the town's tax shift at 1.75 ( Tewksbury shift more on to residents drop from 1.61 to 1.54)for this fiscal year -- the same level they had set the year before.

Although that translates into a slight increase in the residential tax rate, the average homeowner in town, with a house valued at $381,505, (Tewksbury $347,000will actually see a $48 savings on his tax bill.( Tewksbury $100 increase)

That is due in part to the national slump in the housing market, Principal Assessor Humphrey "Skip" Moynahan said.

The value of residential properties in Wilmington dropped by a total of $123 million,( 200M in Tewksbury) or about 4 percent, from fiscal year 2008 to fiscal year 2009. The average homeowner had a house valued at $402,698(Tewksbury 368,000) last year.
"It is the first time in the 16 years that I've been here that we have actually seen a reduction in residential values," Moynahan told selectmen. "Obviously, that is a reflection of the market conditions today."

But at the same time, the town's commercial and industrial sectors delivered strong performances. Their values increased by 6 percent and 2 percent, respectively.

The value of personal property also shot up by a whopping 35 percent, due mainly to the fact that towns can now tax telephone poles, Moynahan said.

he commercial, industrial and personal property taxpayers will thus have to shoulder 43 percent of Wilmington's

tax levy this fiscal year, even though they represent just 25 percent of the town's value.
"We have a pretty vibrant industrial and commercial sector," Moynahan said. "Wilmington still is a powerhouse."
Tewksbury is collasping
Commercial, industrial and personal property taxpayers will now have to pay $24.63 per $1,000,Tewksbury $19.77 while residential taxpayers pay $10.60 Tewksbury 11.35 per $1,000.

Selectmen Chairman Michael Newhouse noted that the lower tax bills for homeowners do come with a mixed message.

"The good news is that taxes are going down," he said. "But the bad news is that's partly because home values are going down."

But Moynahan said he remains optimistic about the prospects of the housing market in Wilmington, noting that other parts of the country have seen far more dramatic drops in residential values.

Selectman Michael McCoy agreed.

"I think people get a good bang for their buck in this community," he said. Fill in the blank_____________
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Re: FYI - Wilmington's flush fund is at 7 million

Postby bferrari on Tue Nov 11, 2008 3:47 pm

So in Tewksbury, home values are dropping, but our taxes are going up !!!!??????



SO who were the four selctmen that voted FOR raising residential taxes ??? Please list their names for all to see.
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Re: FYI - Wilmington's flush fund is at 7 million

Postby cozmo on Tue Nov 11, 2008 3:54 pm

Sounds like the same old board to me!
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Re: FYI - Wilmington's flush fund is at 7 million

Postby cozmo on Tue Nov 11, 2008 4:27 pm

According to today's Lowell Sun, Anne Marie Stronach was the only dissenting vote.
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Re: FYI - Wilmington's flush fund is at 7 million

Postby swamper on Tue Nov 11, 2008 4:51 pm

I believe Anne Marie fought for this last year as well.
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Re: FYI - Wilmington's flush fund is at 7 million

Postby Chasnbos on Mon Nov 17, 2008 5:05 pm

boomtown vs busttown

Boomtown
As Wilmington business base soars, home taxes drop
By Alexandra Mayer-Hohdahl, amayer-hohdahl@lowellsun.com
Article Last Updated: 11/17/2008 11:51:20 AM EST


WILMINGTON -- This week, the seemingly impossible happened: Principal Assessor Humphrey "Skip" Moynihan announced that the average homeowner here will see his or her tax bill inch down this year.

"People often say: 'You were quick to raise my property taxes when home values were going up, so you should drop them when they go down,'" Moynihan said. "But this is not something that happens often."

In the past decade, on average only two of the state's 351 communities have cut taxes to single-family homeowners in a given year. So far this year, the state Department of Revenue has approved 53 municipal tax rates and only two small towns are cutting residential taxes: Nahant, a town along the ocean, and Granville, west of Springfield.

Most other communities will be on the other end of the spectrum. Case in point: Wilmington's neighbor, Tewksbury -- one of the only other greater Lowell communities to have already set its tax rate this year.

Just like Wilmington, Tewksbury has seen residential property values tumble down by about 5 percent, as the housing market slumped.

Yet, the average homeowner there will be paying $95 more in taxes this fiscal year.

In Wilmington, he or she will be paying $48 less -- even with the annual tax increase of 2.5 percent allowed by the state under Proposition 2 1/2.

"Even by raising that maximum, residential tax bills will go down," Moynihan said. "Adding additional taxes is not an option. We're already at the
maximum."
So what is Wilmington's secret?

"A bustling industrial and commercial sector," Moynihan said. "If a community doesn't have a strong industrial or commercial base and only has a housing stock with declining value, they're in trouble."

Wilmington saw the total value of its commercial properties rise from $135 million to $143 million -- 6 percent -- from fiscal 2008 to fiscal 2009. The total value of its industrial properties, meanwhile, rose by 2 percent from $680 million to $694 million.

Those properties now represent 25 percent of the town's value.

"Sometimes, our residents don't realize how big our commercial and industrial base really is," Planning Director Carole Hamilton noted. "Some of it is pretty isolated and the rest is scattered throughout town."

Tewksbury's commercial and industrial properties make up 18 percent of the town's value. And while the value of its commercial properties inched up by $3 million, or 0.9 percent, from fiscal 2008 to fiscal 2009, its industrial properties lost $3 million in value, or 1.5 percent.

That kind of downward trend in values may well be reflected in a number of other communities this year. Wilmington's spike in those areas is not market-driven, Moynihan said.

"It's not that those values have increased across the board," he noted. "Instead, it's specific companies that were either expanding or buying properties and rehabbing them."

One spectacular example is Wilmington Crossing.

The new 70,000-square-feet retail development cropped up on Main Street last year. Dozens of tenants in the development's five buildings replace a lone car dealership at 269 Main St.

That property, coupled with a nearby car dealership, has more than doubled in value from fiscal 2008 to fiscal 2009, going from $3.7 million to $9.2 million, Moynihan said.

Across the street, the Wilmington Plaza also has been undergoing a major facelift. A new CVS Pharmacy and Sovereign Bank were built there in the last year. Those two additions alone have already added $2 million to the property's value, with the most expensive work -- the plaza's entirely new main building -- yet to be completed.

Wilmington also benefited from existing developments.

The building at 355 Middlesex Ave., which now houses a new state Registry of Motor Vehicles branch, was rehabbed, increasing in value by $1.2 million.

Similarly, Charles River Laboratories Inc. -- already one of the town's top-10 taxpayers -- added another office building on Ballardvale Street and pushed the property's value up $4 million.

"We have had a number of growth centers," Moynihan said. "Given the uncertain economic climate, everybody is more careful. But we haven't seen a slowdown yet."

He pointed out that the town will continue to profit, at the very least, from the Wilmington Crossing and Wilmington Plaza developments for next year's tax rate, because both projects are still ongoing.

Wilmington also continues to prove attractive to potential developers, with large companies such as Target Corp. setting their sights here.

Hamilton said geography -- Wilmington has four exits on Interstate 93 -- is a driving factor.

"When people come looking for space in Wilmington, accessibility to I-93 is almost always critical for them," she said.

Town officials also agree that the town caters to business needs.

"It's that attitude of, 'we'll work with you,'" Town Manager Michael Caira said. "We are willing to treat businesses as partners and provide them with a reasonable permitting process."

When Wilmington officials realized the industrial market was slowing, they started thinking about rezoning industrial parcels to take advantage of a commercial upswing. That also fit in well with the requests by industrial property owners for more retail services for their employees, Hamilton said.

In May, Town Meeting voters created a highway industrial district that would allow retail stores of more than 30,000 square feet to set up in traditionally industrial areas near I-93.

Target took the bait almost immediately. The retail giant is planning a 138,500-square-foot store on Ballardvale Street.
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Re: FYI - Wilmington's flush fund is at 7 million

Postby live.ur.life on Wed Nov 19, 2008 3:18 pm

IMO
Its tough to compare Tewksbury and Wilmington in regards to the flush fund and taxation.
I mean its apples and oranges.
**live your life with no regrets**
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