A $1 Billion Tax Bill Is Looming Over Boston Condominium Owners

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A $1 Billion Tax Bill Is Looming Over Boston Condominium Owners

Boston skyline with modern and older buildings near South Station.

A $1 Billion Tax Bill Is Looming Over Boston Condominium Owners. The value of some Boston office buildings has tumbled by 50%, causing homeowners to pick up the tax burden

Other U.S. city budgets haven’t felt the impact of weakening office values as much as Boston.

Boston’s office-building values have taken a big hit. That is causing homeowners to dig deeper into their wallets.

When the value of the city’s commercial buildings falls, that places a higher tax burden on Boston residential owners. Since it can take years for tax assessments to change, tax bills earlier this year were the first since the outbreak of Covid-19 that boosted residential tax rates because of a major decline in commercial values.