A Taxing Time Of Year For Boston Towers
The Hub is poised to release its new commercial and residential tax rates as soon as tomorrow.
While Boston homeowners will take a hit, so will the downtown office market as well.
The commercial rate is set to rise by roughly $2 to just over $31 per thousand of assessed value, industry sources say.
It’s a move being repeated across Greater Boston as cities and towns are forced to draw more heavily from their commercial tax bases amid tough times and lean coffers.
Still, it could have been worse. Ron Rakow, Boston’s talented tax chief, managed to pull another rabbit out of his hat.
He’s found more than $30 million in new commercial market growth to tax – including new office towers that finally opened after years of construction and the expiration of a decades old tax break on the One Beacon tower.
Go Ron!