Boston homeowners are staring down a potential $1 billion tax shift as the city’s commercial property values, particularly offices, take a nosedive.
According to a The Wall Street Journal report by Peter Grant appearing in print on May 7, 2025, some building values have cratered by over 50 percent since 2019, forcing residential tax rates up. Mayor Wu’s attempts to shift more burden back to commercial landlords face stiff opposition, naturally.
It is a fiscal pressure cooker, with homeowners caught in the middle of a remote work reckoning and a city budget heavily reliant on commercial property taxes.
Drama Meter: 9/10, as Beantown taxpayers get that sinking feeling.
Source: Wall Street Journal, article by Peter Grant (May 7, 2025 print edition / May 5, 2025 online)
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