JOURNAL ARTICLE

Boston Residents Face 28% Tax Hike as Office Values Slump.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Sutherland, Brooke; Anstey, Christopher 3 of 3

Abstract

Boston homeowners may face a 28% increase in their tax bills if the Massachusetts legislature does not approve a proposal to temporarily raise commercial rates. The city is heavily reliant on property tax revenue and is experiencing a decline in commercial property values due to high vacancy rates in older office buildings. Mayor Michelle Wu has proposed temporarily increasing the rate ceiling for commercial properties to ease the burden on homeowners. The Boston office market is stabilizing, but the proposal needs to pass by late November to avoid the spike in residential rates. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/10, pN.PAG
  • Document Type:Article
  • Subject Area:Geography and Cartography
  • Publication Date:2024
  • Accession Number:180198464
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