Posted 2/26/2024, 4:35:47 PM
Boston Landlords Seek 27% More Tax Breaks Downtown As Office Vacancies Rise
- Fewer Boston landlords asked for property tax breaks this year, but requests increased 27% downtown as office vacancies climb
- The city received 1,715 applications for fiscal 2024 property tax abatements, down from 1,813 last year
- Boston's high reliance on property taxes to fund city services raises concerns if office values fall significantly
- The city plans to monitor the office market closely but says current activity is "in line with expectations"
- An office-to-residential conversion program aims to repurpose vacant downtown offices into needed housing