IProperty taxes have risen over the past ten years, by 50%, I believe, for homeowners in Boston. This is due to increases in property values, not to increases in the tax rate. (So, a property assessed at $250,000 in the early 1990s is now assessed at $500,000.)
Commercial real estate is taxed differently, based on rents, not on assessed values of the buildings. Because of a depressed office-space market, there has been less property tax collected by the city over the past several years.
What could possibly be done to reduce the tax burden?
The city says, we need to change the law, so that we can increase the tax on commercial real estate.
Or, they say, we will have to keep increasing the tax on residential property.
Wait, isn’t there a third option?
Article: Tall towers, tiny taxes: Civic group assails assessments – by Scott Van Voorhis, The Boston Herald