Boston Mayor Michelle Wu was on Beacon Hill Tuesday asking legislators to sign off on a plan to increase the property tax share paid by city businesses.
As in many communities, Boston places a higher tax rate on commercial and industrial property compared to residential, amounting to a roughly 60/40 split. But with expected decreases in commercial real estate values, commercial tax revenue could go down significantly in the years ahead, forcing homeowners to take up the slack.
Wu said property taxes could still go down for individual businesses, and homeowners could see increases — but homeowners' taxes would not go up by a third, as projected if nothing is done. City officials noted that Mayor Tom Menino carried out a similar tax split policy in 2004. Wu also defended her decision to increase the city's budget by 8% at a time that she's asking to adjust property tax shares.
"Back in '04, the city slowed considerably the rate of its spending increases ... it also cut its workforce," Walz said."There are steps the city can take to make the situation better. It's choosing not to do it, so it's coming to you with this tax increase proposal."
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