Diversifying The Tax Base
Several large-scale residential developments have been added in recent years in Millbury, but there is a growing sentiment among its residents that the resulting tax base is unbalanced and unsustainable. This is because there has been minimal development of new commercial and/or industrial to offset the expenses of services and maintenance provided by the town.
Diversifying the tax base of a smaller community can be a challenging task, but there are several strategies that can be employed to achieve this goal. Here are a few possible approaches:
Attract new businesses: One way to diversify the tax base is to attract new businesses to the community. This can be done by offering tax incentives, improving infrastructure, and promoting the community's strengths and unique characteristics. New businesses will generate new revenue streams and create new jobs, which can help to broaden the tax base.
Encourage tourism: If the community has tourism potential, it can be a great way to diversify the tax base. By promoting local attractions and events, the community can attract visitors and generate revenue from tourism-related activities such as accommodations, restaurants, and retail. This can create new sources of revenue for the community.
Develop a mixed-use zoning strategy: A mixed-use zoning strategy can help to create a more diverse tax base by allowing for a mix of residential, commercial, and industrial development. By promoting development in multiple sectors, the community can create a more diverse revenue stream.
Support entrepreneurship: Supporting local entrepreneurs can be another way to diversify the tax base. By offering business training and resources, the community can help small businesses to start and grow. This can create new jobs and generate new sources of revenue.
Work with neighboring communities: Sometimes, it may not be possible to diversify the tax base within a single community. In such cases, working with neighboring communities to develop shared resources or regional economic development strategies can help to diversify the tax base across multiple communities.
Overall, diversifying the tax base of a smaller community requires a proactive approach that involves multiple stakeholders, including local government, businesses, residents, and community organizations. It may take time and effort, but the benefits of a more diverse tax base can be significant, including increased revenue, greater economic stability, and improved quality of life for residents.
A concerned group of citizens has proposed a town warrant article for the upcoming town meeting titled "Temporary Moratorium on Multi-Family Dwelling Units" in order to reassess the current zoning bylaws. The Millbury Planning Board will conduct a public hearing on March 27, 2023, beginning at 7:15 PM, at the Millbury Town Hall on 127 Elm Street in Millbury, Massachusetts. It is encouraged that everyone attend in person and mark the date on their calendar.
During the Annual Town Meeting on May 2, 2023, registered Millbury voters will have the opportunity to vote on the "Temporary Moratorium on Multi-Family Dwelling Units" and determine the most appropriate way for the community to sustainably manage the growth of Millbury through updated zoning bylaws. It is important to consider how these decisions will affect our tax base in order to have a productive discussion on zoning. Please mark your calendars and plan to attend.