Boston Mayor Michelle Wu proposed legislation in late March that would let the city hike taxes on the already struggling commercial real estate sector.
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Boston Mayor Michelle Wu is taking steps that could raise tax rates on commercial real estate in the city. It’s response to declining property values of.
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Mayor Wu plans to file legislation that would allow Boston to increase property taxes on businesses. The move comes as commercial property values have dipped due to inflation and the post-pandemic shift to remote and hybrid work. A recent report found the city may lose $1.4 billion in tax revenue over the next five years due to empty office spaces.