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Boston & New England  + Boston  + Finance  |  March 29, 2024
The amount of lease-available life science space in Boston has increase to an overall availability rate of 8%, according to Colliers.
Emily Fu
By: Emily Fu

Boston Mayor Looks to Increase CRE Taxes Cap 

Boston Mayor Michelle Wu seeks authority to shift more tax burden to commercial real estate owners to prevent a spike in residential tax bills, Boston Business Journal reported. Wu’s legislation, to be filed next week, aims to offset potential declines in commercial property values due to hybrid work.  

The proposal, if adopted, would allow Boston to exceed current state limits on shifting taxes. It comes as Wu aims to avoid exacerbating the housing crisis. Real estate leaders argue against the move, citing challenges for commercial property owners.  

The proposal would be revenue-neutral, with the city able to increase the cap on commercial taxes temporarily, gradually reducing it over four years. City officials stress that the measure aims to maintain city services without imposing a significant burden on homeowners. 

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Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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