Boston City Councilors weighing a proposal by Mayor Michelle Wu to ask state permission to temporarily increase the city tax rate on commercial property heard competing and dire predictions from the measure’s supporters and opponents Thursday morning.
As of publication time, the council’s Government Operations Committee had not yet taken a vote on Wu’s proposal, which would shift the city’s split tax rate further onto commercial properties for five years beginning in fiscal year 2025. Under Wu’s proposal, commercial tax rates would spike 17.4 percent to $29.66, while the residential tax rate would decline 7.8 percent to $10.05, according to an analysis by tax consultancy Ryan presented to a meeting of business leaders last week. That analysis predicted the rate increase would cause a $2.6 billion drop in commercial property values across the city, spread across downtown towers, warehouses, single-story neighborhood retail and other commercial building types.
Source: Boston Councilors Hear Tax Fears from Residents, Biz – Banker & Tradesman
