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Belmont, MA: town finances

Fair finances; below-typical savings (5.9% of budget vs 7.3% typical); 2 override votes since 2016; another override vote likely.

Budget grade

C · Fair

Better than 27% of MA towns · score 71 of 100

Ability to pay

Top 10% for income and property value

Shown separately; not part of the budget grade. Income per resident $95,484 (Census ACS 2020-24); property value (EQV) per resident $446,087 (DLS 2024).

Chance of an override vote

High

7 points on our 0-8 scale: Low 0-2, Medium 3-4, High 5+. It ranks towns; it is not a percentage.

The story in charts

Belmont burned through two-thirds of its reserves in five years

Belmont burned through two-thirds of its reserves in five years. Free cash fell from 11.4% of the budget (FY22) to 3.9% (FY27) while the town taxed at the legal cap, tax bills rose 79%, and voters were asked for three overrides. In FY26 the schools cut 14 teaching positions.
Free cash fell from 11.4% of the budget (FY22) to 3.9% (FY27) while the town taxed at the legal cap, tax bills rose 79%, and voters were asked for three overrides. In FY26 the schools cut 14 teaching positions. Source: MA DLS and DESE. Click the chart to open it full size.

The next charts estimate Belmont's structural gap under Prop 2½: what it costs to keep running the town at its recent pace, against what it can raise without a vote. They are estimates, not reported deficits. Towns must balance their budgets, so a gap gets closed with cuts, reserves, fees or an override vote. Method and other towns

Belmont's budget is on track to fall about $2,300 per home short by 2031

Belmont's budget is on track to fall about $2,300 per home short by 2031. Spending rose 5.1% a year (FY20–25); revenue without a vote, about 3.3%. Estimated FY31 gap: $16.5M a year, 8.2% of the budget (range $1,700–$2,300 per home).
Estimate Spending rose 5.1% a year (FY20–25); revenue without a vote, about 3.3%. Estimated FY31 gap: $16.5M a year, 8.2% of the budget (range $1,700–$2,300 per home).

Belmont voters plugged a budget gap, adding about $2,000 to the average tax bill

Belmont voters plugged a budget gap, adding about $2,000 to the average tax bill. Overrides voters approved in 2015 and 2024 now raise $14.5M a year. The bill without the overrides is an estimate.
Estimate Overrides voters approved in 2015 and 2024 now raise $14.5M a year. The bill without the overrides is an estimate.

Belmont needed voters to plug a $2,000-per-home hole, and it's growing

Belmont needed voters to plug a $2,000-per-home hole, and it's growing. Without the overrides, the FY31 gap would be $32.9M a year (estimate).
Estimate Without the overrides, the FY31 gap would be $32.9M a year (estimate).

Belmont also appears in: School budgets grew faster than 2.5% a year in all eight towns, even where students left · Cost per student rose 44–71% in seven of eight towns, while enrollment fell in six · The wealthiest big suburbs: fewer students, costlier schools, tax bills ahead of inflation

See the statewide picture →

Key numbers

MeasureBelmontMedian MA town
Typical tax bill, FY2026 (average single-family)$19,579$6,755
Tax bill as a share of median household income10.7%6.4%
Tax bill growth per year, FY2016-265.32%3.95%
Override vote dates, last 5 yearsYes (1 vote)35% of towns had one
Savings (reserves), % of budget, FY2024-26 average5.9%7.3%
Debt, % of property value, FY2023-25 (voter-approved debt at half weight)1.37%0.70%
Debt payments inside the tax cap, % of budget0.9%1.3%
Unused room under the tax cap, FY2026 (% of max levy)0.01%0.34%
School enrollment, 5-year change0%-2%
Students per teacher, 2025-2615.011.4
Median single-family sale price, 2024$1.6M (133 sales)$614k
Single-family price change, 2019-24+35.7%+52.8%
Median household income (Census, 2020-24)$183,137$113,750
Population (DLS)26,71010,585

Main school district: Belmont. Shaded = worse than the median town on tax bill share or enrollment. Medians are across all 351 towns with data.

Why this budget grade

Budget grade C, fair (71/100; better than 27% of MA towns): reserves averaged 5.9% of budget over FY2024-26 (state median 7.3%); debt 1.37% of property value with voter-approved debt at half weight (2.51% before; median 0.70%); debt payments inside the tax cap 0.9% of budget (median 1.3%). 90% of debt payments are voter-approved and paid outside the cap.

Why this chance of an override vote

Chance of an override vote: High (7 pts): almost no unused room under the tax cap (0.01% of max levy, +3); override votes since July 2016, latest 2024-04 (+2); voter-approved debt or capital increase passed since July 2021 (+1); school spending grew 5.5%/yr vs 5.1%/yr for the tax cap limit, FY2020-2025 (+1).

Context, not scored

Teacher jobs -4.4% last year; enrollment 0% over 5 yrs; tax bill 10.7% of median income (state median 6.4%).

"pts" are points toward the chance of an override vote. Max levy is the most the town can raise without a vote under Prop 2½. See how the budget grade works.

Override votes since July 2016

Vote dateResultAmountPurpose (as listed by DLS)
Apr 2, 2024Passed$8,400,000Supplement Cap Budget & Town, School Oper Budgets
Apr 6, 2021Failed$6,400,000Supplement Capital Budget And Town And Schools Operating Budgets

Source: MA DLS Proposition 2½ override vote file, as of 25 Oct 2026. One ballot can carry several questions.

See this town in the full data table →

Budget grades and override chances are our own estimates from public data, as of 25 Oct 2026. Check figures with the town and the original source before relying on them. Disclaimer. Spot an error? hello@beforeyoubuyma.com

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