Mayor Michelle Wu, business groups strike deal on property taxes
Boston Mayor Michelle Wu and four business-backed groups have struck a compromise on how much to raise commercial property tax bills over the next three years in order to limit an increase in costs to homeowners.
Wu agreed to the number floated last week by the Greater Boston Chamber of Commerce and the three other organizations for this fiscal year, which allows the city to tax commercial property owners at a rate that’s 181.5% higher than residential owners. That’s up from the current limit, which is 175%.
The two sides had been negotiating over the past few days over half a percentage point — the equivalent of about $20 for the average single-family owner in Boston.
The following two fiscal years, the shift would be 180% and 178%, respectively, before returning to the normal limit in fiscal 2028.
The agreement also includes $45 million over three years to help small businesses with the additional tax burden and an increase in the personal property tax exemption threshold for small businesses.
The proposal must still be passed by the City Council, approved by the state Legislature and signed by the governor, all in a matter of weeks. The Council and the Massachusetts House have already passed versions of the shift, however, and Senate President Karen Spilka had empowered the business groups to negotiate with Wu on an agreement.
This is a breaking news story and will be updated.
Rank | Prior Rank | Business/Prior rank (*unranked in 2023)/URL |
---|---|---|
1 |
1 |
Blount Fine Foods |
2 |
2 |
Cedar’s Foods |
3 |
2 |
Polar Beverages |
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