The solutions are viewed as either a Band-Aid or desperately needed residential relief, but it’s clear that property taxes in the city of Boston are again a focus of City Hall and State House debate.
A new report says, based on recent office sales and “weak” property tax collections, Boston’s property tax crunch could be getting worse.
Boston Mayor Michelle Wu and challenger Josh Kraft sparred over the latest report predicting a steep decline in office valuations and the implications for the city’s fiscal health.
Gone unnoticed amid all the heated debate are signs that the underlying problem – the decline in office building values – may be even more serious than first thought.
The good news is that Boston’s 2025 tax revenue crisis may not be as bad as some have feared. The bad news is office values may have further to fall.
The Boston Policy Institute says its goal is to shine a light on city development policy and other top issues. But its refusal to make public its sources of funding – and the not altogether happy history one of its founders shares with Mayor Michelle Wu – has prompted whispers of grudge-settling.
As thousands of property owners in Boston seek abatements and researchers forecast a steep decline in property tax collections, Mayor Michelle Wu’s options are limited in finding ways to cushion the fiscal blows
Is Boston headed for a fiscal cliff or a fiscal hiccup thanks to falling office utilization? Two things are for sure: no one should take fears of a calamity lightly, and everyone should use this threat as an occasion to fix what’s long been broken.
Warning about the prospect of a “permanently diminished city,” think tank analysts said a sharp and steady drop in the value of office buildings could soon punch a hole in the city’s budget, endangering resources for schools, first responders and more.
