According to the Boston Business Journal, the Massachusetts House of Representatives has approved Mayor Michelle Wu’s proposal to temporarily increase commercial property taxes in Boston. This decision was reached after negotiations between Wu and House legislators resulted in a revised version of the plan. The proposal must now pass through the Massachusetts Senate before the end of their legislative session.
In order to address concerns about potential spikes in residential tax bills, Mayor Wu has agreed to lower both the maximum increase and duration of this temporary tax hike from her original proposal. However, due to its status as a home-rule petition, state lawmakers are unable make any modifications themselves. Instead, they must pass it as is and allow for future executive orders and funding from Mayor Wu.
Despite these changes, business groups such as Greater Boston Chamber of Commerce,NIAOP Massachusetts,and Greater Boston Real Estate Board remain opposedtothe new plan.Their main argument is that it will further harm an already struggling commercial real estate industry facing high vacanciesand declining property values.
