This article cites cSPA research that projected declining office values could cumulatively drag Boston’s tax revenue as much as $1.5 billion below prior estimates over the next five years.
This article references collaborative research from cSPA that showed a downward trend in Boston commercial property values could mean a city revenue shortfall of $1.2 billion to $1.5 billion over the next five years.
Evan Horowitz comments on the impact of the Massachusetts tax cuts enacted last fall, noting that he doesn’t think the package is “strongly tied to what we’re seeing right now.”
A report illustrating a downward trend in Boston commercial property values that could mean a city revenue shortfall of $1.2 billion to $1.5 billion over the next five years is referenced in this article.
"This is not a short-term challenge but the arrival of a new normal," one in which annual tax collections in 2029 and beyond will be roughly $500 million a year below what they are today.