Boston City Council still not ready to move on Wu s tax shift proposal necn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from necn.com Daily Mail and Mail on Sunday newspapers.
Mayor Michelle Wu rolled out an “emergency law” to allow Boston to begin increasing property taxes on businesses beyond the state limit next year, saying that residents could otherwise face higher taxes driven by a decline in commercial values.
City Hall downplayed a new report pointing to a $1-billion-plus budget gap brought on by Boston’s eroding commercial tax base in five years, while an industry group said it underscores a “deeply concerning” economic reality.
Many Boston homeowners were hit with a higher tax bill this month, an unsavory start to the new year driven by property values that are rising faster than the city’s efforts to provide a larger discount for owners who also reside in their homes.