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State representatives are ready to move forward on a proposed property tax rebalancing plan for Boston after Mayor Michelle Wu agreed to scale back the changes.
The breakthrough in the House boosts the outlook for Wu's proposal, which has drawn criticism from business and real estate groups, ahead of the July 31 end of formal legislative business for the term. However, it's still not clear if Senate Democrats are on board with the deal and also plan to advance the bill.
The original proposal, which the City Council approved, would have allowed Boston to increase the maximum commercial shift to 200% and gradually reduce it back to 175% in the fifth year. City officials have argued they need to gain the tax-shift power — which hinges on state approval — now in case a forecast decline in commercial real estate values materializes. If that happens, they say, homeowners could face a sudden, sharp increase in their property tax bills.
"The commercial real estate community is facing unprecedented challenges with vacancies on the rise and an uncertain future," Small said in a statement."NAIOP believes that this measure, if enacted, would be harmful to Boston's competitiveness. Recognizing the negative ripple effect that this proposal could have on the Commonwealth, NAIOP urges the Senate not to advance this legislation.
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