The past couple weeks I have posted about the history of Randolph, and how the village has lost numerous businesses over the past 40 years since the merger in 1984.
People have asked, why does this history matter?
Well - what often happens to business property in the village after the business fails?
The property in many cases is worth far less than before, which means it pays far less in property taxes. In the village, that means the property pays far less in police district taxes.
Here is an example from the recent sale in 2021 of the former Belmain's/Ben Franklin retail block on Main Street, as quoted in The Herald:
"According to property transfer documents filed with the Town of Randolph, the property at 15 Main Street sold for $160,000— well below its previously assessed value, in late 2017, of $727,000."
https://www.ourherald.com/articles/compucount-to-set-up-shop-in-belmains/
That means the property is worth only 22% of the value when Ben Franklin was a tenant. That means $567,000 worth of real estate value that is no longer taxable for the police district.
Yes, the value could go back up, but the property is currently still half vacant. It will not be worth what it was anytime soon, as retail Main Street locations are no longer in demand.
That's what has happened over the past 40 years.
Again, why does it matter? Every time this happens, the lost value must be made up by taxing residents and other remaining business property with viable tenants. This is why it seems like police district taxes keep going up and up, faster and faster - it's because the business property that used to pay police district taxes is no longer paying as much, leaving residents and remaining businesses to pick up the difference.
Rest assured the same reduction happened to the former business locations that used to thrive in the village. A business will not pay more tax than required. They will file for property tax abatements every year. That was part of my job 30 years ago, filing for property tax abatements.
Now think about the buildings that were destroyed by fire and not replaced. Or the buildings that are vacant. Some are eyesores, rotting away, some are hoping for new tenants. They all used to pay much higher police district taxes because they had higher value. Now they are taxed as vacant lots, paying much less.
Businesses will continue to exploit the disparity between town and village until it is rectified. The proof is in the history and results from the past 40 years. Over time, it adds up.
Now, if you think a village location is still in demand by business, please explain why even the churches have left the village? The Catholic Church, Baptist Church and Green Mountain Gospel Chapel all used to be in the village, now they are on Route 66. We even have a church in the thrift store next to Shaw's, not in the village.
Why is that? Just like retail, parking is a big issue. And they want new construction, with modern amenities, just like a business.
Please see the blog for more information:
https://randolphpoliceservicesdebate.blogspot.com
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Please sign the petition to support town wide expansion of the police district:
https://www.change.org/p/expand-the-jurisdiction-of-randolph-village-police-district-to-cove[...]own
Thank you.
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