Mayor Wu’s plan seeks to ease the impact of soaring residential property taxes by shifting the tax burden onto commercial property owners, addressing financial challenges for homeowners.
The pandemic has significantly altered commercial property dynamics, leading to decreased property values and a pressing need for a tax strategy that alleviates the forthcoming burdens on residential homeowners.
Wu's strategy is a balancing act, as approximately 71% of the city's budget relies on property taxes, compelling her to navigate the complexities posed by the significant disparities in tax burdens.
Despite the potential benefits for homeowners, Wu’s approach has faced criticism from business groups who warn that the tax shift could ultimately harm small businesses and exacerbate the decline in commercial property values.
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