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Boston Residents Face 28% Tax Hike as Office Values Slump
News October 09, 2024 at 04:25 PM
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What You Need To Know
- The city is very vulnerable to the slump in office demand because of its heavy reliance on property tax revenue and state restrictions on its ability to tap other funding sources.
- The numbers are based on a preliminary assessment that's subject to change as the city reviews parcel-by-parcel data in the coming weeks.
- Without a tax hike, Boston would need to cut about $265 million in spending to make up for the drop in commercial property values.
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