📍 Cambridge Property Tax Hike Alert!Cambridge, MA is raising property taxes starting next fiscal year to cover rising city expenses. Here’s the breakdown:
- 🏢 Commercial tax rate jumps ~22% to $14.07 per $1,000 assessed value.
- 🏠 Residential tax rate rises ~5% to $6.67 per $1,000.
- 💰 Budget priorities include universal Pre-K, homelessness support, schools, public safety, and DPW.
- 📉 Declining property values—especially in Kendall Square—are driving the need for increased revenue.
- 🛍️ Small businesses may feel the pinch, though median increases for stores/restaurants are expected to stay under 10%.
Despite concerns, Cambridge officials say rates remain lower than neighboring cities like Boston.💬 What do you think—will this impact investment strategies or CRE activity in the area? Drop your thoughts below! 👇
