"Boston single-family homeowners are facing a 13% property tax increase, sparking debate and frustration among residents and Boston.com readers. Mayor Michelle Wu has attempted to pass a tax-relief bill that would shift more of the city's tax burden from homeowners to commercial properties, but the proposal has stalled in the state Senate and is unlikely to pass. Property taxes currently fund more than 70% of Boston's budget."
"The proposed hike comes as commercial property values fall due to high office vacancy rates, while residential values rise. Wu needs state approval to adjust the city's property tax formula, and the city's chief financial officer Ashley Groffenberger noted that cutting the budget further is not a viable option. Even with a 2% spending cut across all departments, the overall budget will still grow in the next fiscal year."
""It's time to reduce spending and cut the bloated budget. Residents are cutting spending to make ends meet, the government needs to do the same. This profligacy of spending has got to end." - Alexander K. from Newton "There's so, so many suburban locations with empty office and commercial buildings - not to mention that there's other states more economical to do business in for operations that aren't directly customer facing. This feels like a run at 'hollowing out'""
Boston single-family homeowners face a proposed 13% property tax increase. Mayor Michelle Wu sought state approval to shift more of the tax burden from homeowners to commercial properties, but the proposal has stalled in the state Senate. Property taxes fund more than 70% of Boston's budget. Commercial property values are falling due to high office vacancy rates while residential values rise. City officials say deeper budget cuts are not viable; a 2% across-the-board cut would still yield overall budget growth next fiscal year. An informal Boston.com poll found 82% of readers oppose the increase, citing affordability and displacement concerns.
Read at Boston.com
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