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Boston & New England  + Boston  + Finance  |  October 23, 2024
Paul Bubny
By: Paul Bubny

Wu, Business Groups Reach Agreement on Commercial Property Taxes

Boston Mayor Michelle Wu and four business stakeholders reached an agreement Wednesday on increases to commercial property taxes over the next three years in order to limit increases for homeowners and renters. The mayor will file a new home rule petition incorporating numbers proposed by the Boston Chamber of Commerce, the Boston Municipal Research Bureau; NAIOP Massachusetts and Massachusetts Taxpayers Foundation.

The revised petition raises the maximum shift level for commercial landlords to 181.5% of their share of the city’s assessed property values for fiscal 2025, up from 175% currently. The share will decline over each of the following two years, a shorter time frame for increased taxes than the five years Wu originally proposed. 

“The proposal allows for a modest modification to the current tax system with clear guardrails to prevent too great of a burden from being placed on commercial taxpayers,” Wu said in a statement. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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