The Boston City Council recently passed Mayor Michelle Wu's revised property tax proposal, which seeks to transfer the tax burden from homeowners to commercial real estate. This initiative is in response to significant tax increases that homeowners faced due to the pandemic's impact on property values. Despite passing the council with overwhelming support, concerns over potential harm to Boston's businesses and commercial property values linger. This marks another attempt by Wu to address growing alarm among homeowners about escalating tax bills as she prepares for her reelection campaign.
"We spent four hours arguing this out...we're almost back where we started." Councilor Liz Breadon remarked after the City Council's extensive debate on the property tax proposal.
"Homeowners stood to see a large tax spike to make up the difference." The tax proposal aims to alleviate this burden by shifting costs onto commercial real estate.
"Many worried about the potential for the plan to further imperil Boston's businesses and devalue commercial properties." Concerns linger about the impact of the proposed tax shift.
"Wu is trying again, hoping to adjust the strategy as her bid for reelection begins and homeowners voice their displeasure with higher tax bills."
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