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On September 27, 2016, Boston Mayor Marty Walsh changed the name of the development agency from the Boston Redevelopment Authority (BRA) to the Boston Planning and Development Agency (BPDA). This change was part of a broader goal to make city government more transparent and to put a friendlier face to a bureaucratic agency that rules upon major ...
Proposition 2½ (Mass. Gen. L. c. 59, § 21C) is a Massachusetts statute that limits property tax assessments and, secondarily, automobile excise tax levies by Massachusetts municipalities. The name of the initiative refers to the 2.5% ceiling on total property taxes annually as well as the 2.5% limit on property tax increases.
The Boston Real Estate Board launched a campaign in 2023 to oppose Wu's measure, saying it will discourage housing production in a city and a region that already has an acute shortage, will make maintaining properties more difficult, and will hurt tax revenues.
Commercial real estate investment firm CBRE pegs the premium to buy versus own at about 35% earlier this year, with the dip in mortgage rates in the fall helping bring that level down from a ...
Real estate taxes are based on the value of the property and are usually paid to school districts and local and state governments to fund schools, infrastructure, community projects and other ...
For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
In the absence of urban planning policies, property tax on real estate changes the incentives for developing land, which in turn affects land use patterns. One of the main concerns is whether or not it encourages urban sprawl. The market value of undeveloped real estate reflects a property's current use as well as its development potential. As ...
In March 1965, an investigative study of property tax assessment practices published by the National Tax Association of 13,769 properties sold within the City of Boston from January 1, 1960, to March 31, 1964, found that the assessed values in the neighborhood of Roxbury in 1962 were at 68 percent of market values while the assessed values in ...
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