Irreparable harm: Future of Boston commercial tax hike proposal uncertain masslive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from masslive.com Daily Mail and Mail on Sunday newspapers.
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.
The declining value of Boston’s office buildings could mean the city will face a revenue shortfall of between $1.2 billion and $1.5 billion over the next five years.