Boston

Boston's biggest office towers to lose a total of $450M in value

Assessments determine how much property owners will pay in taxes, the subject of a bitter debate between Mayor Michelle Wu and business groups that recently resulted in a compromise agreement

By Greg Ryan • Published October 29, 2024 • Updated on October 29, 2024 at 2:54 pm

a nighttime shot of Boston's skyline — Mark Garfinkel / NBC10 Boston

Boston’s 20 largest office buildings are poised to lose a collective $450 million in assessed value this fiscal year, as post-pandemic workplace changes continue to challenge landlords.

The city’s Assessing Department released preliminary property assessments this week for fiscal year 2025, before state officials finalize the figures in the coming weeks. The assessments determine how much property owners will pay in taxes, the subject of a bitter debate between Mayor Michelle Wu and business groups that recently resulted in a compromise agreement.

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City officials say the compromise temporary tax hike to make up for empty office space post-COVID is necessary, though critics say a long-term solution for city revenue is needed.

More on this story from Boston Business Journal