When discussing the fact that a small percentage of property owners in town pay a majority of the taxes collected, Finance Director Brian Keveny pointed to little new growth and budget cuts.
“Like any town, Wayland has to find a solution to addressing increased costs. The town is looking at an override to Proposition 2½, and if there is no new growth or budget cuts, residents will be looking at overrides year after year,” said Keveny.
Proposition 2½ is a 1980 Massachusetts law that limits municipal property tax levies. It caps annual levy increases at 2.5% of the prior year’s limit plus new growth and restricts total levies to 2.5% of a community’s total taxable property value…