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Wu plans new bill to temporarily shift some property taxes to commercial properties

By adamg on Wed, 10/23/2024 - 1:52pm

CommonWealth Beacon reports that under a compromise with city business organizations, the city will seek state approval to raise the tax levy from commercial properties higher than otherwise allowed for three years to help shield residential property owners from some of the shock of upcoming property re-assessments, expected to show a significant drop in commercial tax revenue due to continuing effects of fewer people returning to work downtown.

Under the proposal, the city would set aside $15 million a year for tax breaks for smaller businesses.

Neighborhoods: 
Boston
Topics: 
Business
Home 'n' hearth
Free tagging: 
Michelle Wu
property taxes


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Comments

By StillFromDorchester on Wed, 10/23/2024 - 2:22pm.

Come on you have been paying this rate, just keep paying it like a good business owner.

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By MisterMagooForYou on Wed, 10/23/2024 - 3:06pm.

Magoo wonders if Wu was a train what type of train would Wu be? A steam locomotive, a diesel, a magnetic train, or a back to the future part III time traveling train. What doo yoo Yoohubbers all think? Post your selection below. Tee hee hee. Magoo.

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By g on Wed, 10/23/2024 - 4:19pm.

Amtrak Acela headed to DC.

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By SwirlyGrrl on Wed, 10/23/2024 - 6:10pm.

Let's see who wins before we jinx it.

By workingdefinition on Wed, 10/23/2024 - 5:23pm.

I don't understand how traffic into the city (most mornings) is so awful if in fact so many fewer people are coming in. I also thought that CR ridership had rebounded the most in the whole T system. Are buildings just not occupied or are greedy landlords holding out for exorbitant rents?

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By g on Wed, 10/23/2024 - 6:48pm.

https://www.bostonglobe.com/2024/10/11/business/boston-office-rket-downt...

31 thousand increase really amounts to noise. Some companies are pushing the WFH issue (state st, fidelty) but I suspect the issue is more political than efficiency related.

The article also doesn't go deeply into the underutilized/unoccupied but leased segment. Huge.

I would expect a couple more dead cat bounces before a recovery sets in.