The new proposal aims to prevent a 28% rise in residential property taxes by temporarily raising commercial tax rates, ensuring better affordability for homeowners.
Wu's plan was introduced to tackle the potential for significant tax increases, allowing for negotiations with lawmakers and business leaders to secure necessary support.
The debate within the City Council focused on the process of advancing Wu's tax plan, highlighting the tight timelines and urgent need for legislative approval.
By passing the new home rule petition, the City Council enabled Wu to address the increasing concerns of homeowners facing steep tax hikes while balancing benefits for commercial property owners.
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