That pain will be felt by multiple groups: owners seeing the value of their buildings take a hit, city leaders watching tax revenue from commercial buildings plummet, and residents enduring diminishing services. It’s also possible that residential property tax rates, which are lower in Boston than in many surrounding cities and towns, will have to be raised to make up for declining commercial tax revenue.As the Globe’s Catherine Carlock reported in May, a building near South Station that sold for $156 million before the pandemic may now sell for less than $90 million. That’s a tough break for a city that would far rather assess taxes on a $156 million building than on a $90 million building.
Source: All those empty office buildings could spell trouble for you and me – The Boston Globe
