TODAY: In tax hike filing, Mayor Wu calls current decline in office values “short term” as Council receives home rule to raise commercial taxes over state-mandated limit
TODAY: In tax hike filing, Mayor Wu calls current decline in office values “short term” as Council receives home rule to raise commercial taxes over state-mandated limit
Is anyone acknowledging that residential property values in boston are skyrocketing while the financial district tanks which should lead to increased assessments for those homes that help close the projected billion dollar gap?
That is a great point Ben! It is one of the factors that is part of the 'how raising commercial & industrial property taxes in 2024 different from when Mayor Menino did it in 2004' discussion. That discussion hasn't happened yet, but in our April 5 'Transcript Round-Up' we point to 2 upcoming Council hearings where it likely will:
1) the hearing on the home rule petition, and
2 ) Councilor Worrell's hearing on commercial tax revenue in front of the Ways & Means Cmte.
Is anyone acknowledging that residential property values in boston are skyrocketing while the financial district tanks which should lead to increased assessments for those homes that help close the projected billion dollar gap?
That is a great point Ben! It is one of the factors that is part of the 'how raising commercial & industrial property taxes in 2024 different from when Mayor Menino did it in 2004' discussion. That discussion hasn't happened yet, but in our April 5 'Transcript Round-Up' we point to 2 upcoming Council hearings where it likely will:
1) the hearing on the home rule petition, and
2 ) Councilor Worrell's hearing on commercial tax revenue in front of the Ways & Means Cmte.
Read the post here: https://bostonpolicyinstitute.substack.com/p/weekly-transcript-round-up-april