I’ve gotten a few texts from Boston clients wondering why their property tax bills were higher than expected. Since I didn’t see many familiar faces at Mayor Wu’s town halls about it, and you may have noticed your bill go up by 10 to 15 percent, here’s a quick summary of what’s going on so you don’t have to sit through a three-hour meeting on city budgets.
Massachusetts requires cities and towns to pass a balanced budget every year. Since the start of the pandemic, commercial property values, especially office buildings, have dropped across Boston. That means less tax revenue from businesses and more of the burden shifting to homeowners to close the gap.
Mayor Wu has proposed several plans to help rebalance the tax load by adjusting how much businesses pay. The goal was to soften the blow for homeowners, especially during the winter when heating bills are already high. With so many interests to consider, the State Senate is still working on a plan they are able to get behind.
Mayor Wu has since refiled the proposal with added relief for seniors and small businesses. If it passes later this year, it could start to bring more balance back over the next few tax cycles. There has also been talk of using the city’s rainy day fund to issue one-time rebates, but nothing has been finalized. I will keep you posted as soon as I hear more.
Here is a resources to help you find more information or check if you qualify for tax relief:
And as always, if you have questions or just want to talk about the market, please consider me a resource. I am never too busy for your business or your referrals!
