Boston Residents Face 28% Tax Hike as Office Values Slump (1)

Boston homeowners face a 28% surge in their tax bills if the Massachusetts legislature fails to sign off on a proposal to temporarily raise commercial rates before the end of next month, Mayor Michelle Wu said.

The city is particularly vulnerableto the nationwide slump in office demand because of its heavy reliance on property tax revenue and state restrictions on its ability to tap other funding sources. That’s forced Boston to develop a workaround in an attempt to preserve its budget without burdening homeowners with the brunt of the revenue shortfall from commercial property taxes.

Michelle Wu.

Photographer: Adam Glanzman/Bloomberg

Commercial property values ...