Commercial Base Diversity Making Northborough "Strong"

Single-family homeowners in Northborough “are seeing property tax relief” from such recent commercial projects as Northborough Crossing, and National Grid and Walmart expanding, Town Administrator John Coderre says.

In fiscal 2010, residential property represented 78.8 percent of Northborough’s assessed value, according to a slide presentation during the board of selectmen’s tax classification public hearing last week. Commercial, industrial and personal property represented 21.2 percent total of the town’s assessed value.

In fiscal 2014, the split is 73.7 percent residential and 26.3 percent commercial, industrial and personal property.

Northborough has a good mix of businesses, Coderre said.

"We don't have one major corporation that really is dominating the town of Northborough. That diversity is what makes us strong," he said.

Northborough Retail Properties LLC. – Northborough Crossing – is Northborough’s top taxpayer, with a proposed fiscal 2014 tax of $1,793,707, according to the presentation.

AVB Northborough Inc. –  the Avalon Bay Communities – is second, with a proposed fiscal 2014 tax of $883,122.

Iron Mountain Information Management, at 176 Bearfoot Road, is third, with a proposed fiscal 2014 tax of $538,106.

Coderre said Northborough’s new growth has been certified at $51.3 million, which includes $22.1 million in personal property.

“Roughly half” of the $22.1 million is because Iron Mountain changed "the way that they're organized,” he said.

“They went from a domestic partnership to an LLC. So, some of their personal property now -- about $9 million -- is taxable,” Coderre said.

And in Northborough, "we haven't lost any of our top 15" taxpayers, he said.

"The beauty of this is, they're always fighting to come up,” Coderre said, "in terms of their investment in Northborough in their facilities.”

Iron Mountain was number five, and now is number three, he said. Walmart was number 13. Now, it’s number 10.

“By expanding and being successful in running their business in Northborough, they're growing. As they grow, we get to grow,” Coderre said.