Thursday morning the city council's Committee on Ways and Means is holding a hearing to look at some proposed alternatives to Mayor Wu's tax plan.
Thursday's hearing will look at some proposed alternatives, including a plan offered by City Councilors Ed Flynn and Erin MurphyMayor Michelle Wu's proposal to raise commercial tax rates is continuing to stir controversy in Boston, with many residents up-in-arms over the plan, which is expected to make drastic reductions to city services but provide homeowners with relief.
Wu's plan is in direct response to the reducing commercial property values and commercial tax revenues most likely caused by the high office vacancy rates. A majority of the city's budget comes from property taxes, so since residential real estate values have risen, homeowners would have to pay more in their property taxes to make up the difference.
Business and real estate groups, however, say it could harm small businesses and worsen commercial property de-evaluation.
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