The office-market meltdown in downtown Boston is about to enter a new stage.
Many landlords have accepted the harsh post-pandemic reality that their buildings have fallen in value, so much so that they are willing to argue as much to the city to try to cut their tax bills, according to property owners and firms that serve them.
The lower the city assesses a building’s value, the less its owner pays in taxes. This is the year, experts predict, that building owners and managers will apply for property-tax abatements in significant numbers, in a way they have not since COVID-19’s arrival. The challenges will pit landlords fighting to find savings in a tough financial environment against a city that relies on property taxes for nearly three-quarters of its annual budget.
More on this story from Boston Business Journal
Get New England news, weather forecasts and entertainment stories to your inbox. Sign up for NECN newsletters.
