Boston Mayor Wu’s commercial tax rate plan will backfire on residents, business leaders say

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Boston Mayor Wu’s commercial tax rate plan will backfire on residents, business leaders say

Business leaders warned that the mayor’s plan to raise commercial tax rates will backfire by further depressing that struggling sector’s property values and leaving homeowners on the hook for much higher taxes down the road. The gloomy financial outlook was hashed out during a Wednesday forum hosted by NAIOP Massachusetts, which honed in on a home rule petition proposed by Mayor Michelle Wu and featured remarks from some of the bill’s harshest c…