"In 2025, all across town, commercial buildings sold at a loss from the former General Electric Co. headquarters in Fort Point to a 36-story downtown skyscraper. For the second year running, commercial buildings in Boston were worth less than they were the year before. That's a major concern for city leaders, given that property taxes comprise nearly three-quarters of the city's $4.8 billion budget."
"Of 135 cities across the US, Boston could see among the biggest hits to revenue from property taxes as a result of the rise of remote work, according to a May paper from Howard Chernick of Hunter College and Andrew Reschovsky of the University of Madison-Wisconsin. The report notes how Boston taxes commercial properties at nearly double the rate of residential homes."
Commercial property values in Boston declined for a second consecutive year in 2025, with multiple buildings selling at losses across the city. Property taxes supply nearly three-quarters of the city's $4.8 billion budget, creating significant revenue risk. Mayor Michelle Wu announced a time-limited 2026 task force of community and business stakeholders to explore additional revenue options. A May paper identifies Boston among the cities most exposed to property-tax hits from the rise of remote work. The paper notes that commercial properties face nearly double the tax rate of residential homes, and several specific office sales showed steep declines.
Read at www.bostonglobe.com
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