Overview
- The City Council voted unanimously to set the residential exemption at 35% and keep the commercial rate at 175% of the residential rate, the maximums allowed under state law.
- City officials said the residential rate will rise from $11.58 to $12.40 per $1,000 of value in January, adding about $780 to the average single-family homeowner’s bill, or roughly 13%.
- The commercial rate will move from $25.96 to $26.96 per $1,000, yet many office buildings will see lower bills because assessed commercial values fell.
- The Department of Revenue certified valuations showing residential property up 2% and commercial down 6%, figures the city cited in projecting the homeowner increase.
- Mayor Michelle Wu’s home-rule petition to temporarily raise the commercial cap remains blocked without a Senate hearing as key senators oppose it, business groups have withdrawn prior support, and labor unions have rallied behind the mayor’s push.