Experts to discuss Mayor Wu’s property tax classification proposal’s impacts on small businesses

BOSTON — The globally renowned tax consulting firm, Ryan, has submitted concerns to the Boston City Council before a May 30 hearing on Mayor Michelle Wu’s Property Tax Classification Proposal.

The firm’s report shows that Wu’s tax proposal will have negative consequences on both residential and commercial buildings and the city’s overall economic health and vibrancy.

A few points will be discussed during the NAIOP forum on Wednesday regarding the proposed legislation that would impact property tax classification in Boston:

• Boston already has the second highest level of disproportionality between commercial and residential taxpayers in the country.
• Boston has the third lowest property taxes out of major cities across the United States for residential homeowners, and the 11th lowest for apartment owners;
• Additionally, this proposal would increase the already exorbitant tax burden on commercial owners who are desperately attempting to hold onto properties through financial stress and losses caused by record-high vacancies and increased interest rates.

NAIOP Massachusetts will host an informative briefing and panel discussion with several prominent experts who are expected to address how the proposed tax burden shift would impact businesses of all sizes, especially small businesses that are part of the fabric of Boston’s diverse collection of neighborhoods.

A list of the panelists includes:

●          Meg Mainzer Cohen - President and Executive Director, Back Bay Association

●          Matthew Osborne - EVP and Chief Credit Officer, Eastern Bank

●          Jim Rooney - President & CEO, The Greater Boston Chamber of Commerce

●          Daniel Swift - Principal, Ryan, LLC

●          Marty Walz - Interim President, Boston Municipal Research Bureau

The panel briefing will be held Wednesday at 100 Federal Street in the Putnam Auditorium between 8:00 a.m. and 9:30 a.m.

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