Amid slumping values of office buildings amid the COVID-era rise of remote work, Wu has said boosting the tax rate on commercial properties is necessary to avoid painful budget cuts or stifling tax hikes on residents. Business leaders counter such a move would only worsen property devaluations, hurt small businesses, and be an unfair blow to the city’s struggling commercial real estate industry.
On Friday morning, leaders of several key business groups laid out their counterproposal in a letter to Senate President Karen Spilka and House Speaker Ronald Mariano that they said “would represent a meaningful compromise to immediate residential property tax concerns.”
Source: Wu, Boston business leaders reach proposed compromise on tax hikes
