Politics & Government
Boston's Chamber Of Commerce CEO Says Raising Taxes For Businesses Will Hurt City
"It's the golden goose," said Rooney of the city's commercial property tax, which provides a large percentage of the city's annual revenue.
April 15, 2024
BOSTON - Boston Mayor Michelle Wu's plan to address potential city revenue shortfalls by raising the commercial property tax rate was panned by Greater Boston Chamber of Commerce President and CEO Jim Rooney in an interview with WBZ.
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"It's the golden goose," said Rooney of the city's commercial property tax, which provides a large percentage of the city's annual revenue.
But the persistence of the retreat from downtown offices in favor of working from home combined with high interest rates and rising construction and maintenance costs have driven commercial property values way down, with experts forecasting a coming wave of tax abatement applications and severely reduced revenues for the city.
Find out what's happening in Bostonfor free with the latest updates from Patch.
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