Mayor Michelle Wu has refiled a proposal to ease the impact of rising property taxes in Boston. Residential taxes have increased significantly, with single-family homes up 10.4% ($575) and other properties like duplexes and condos rising 14.9% ($833). These hikes contrast with falling commercial taxes. The proposal aims to reduce these burdens and address disparities across the city, according to the City of Boston.
Mayor Wu's administration found that over half of residential property owners saw bills rise by more than 9%. A new proposal aims to reduce these hikes by sticking to a tax rate agreement between business leaders and city officials. If passed by March 2025, the legislation would set residential tax rates as agreed, with adjustments in April 2025. The proposal also includes long-term tax classifications for residential and commercial properties to ensure stability during economic changes, as reported by the City of Boston.
Boston's refiled package proposes using surplus funds for residential tax rebates, subject to approval. It also aims to update the 41C senior tax relief program to provide more support for low-income seniors. Under Mayor Wu, Boston has worked on increasing affordable housing, improving homeownership, cutting energy costs, expanding pre-K, enhancing public transportation, and supporting cultural venues. The tax reform now requires City Council approval before moving to the State House for further review, as stated by the City of Boston.
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