Overview
- The City Council voted 12-0 to set the residential rate at $12.40 per $1,000 of value and the commercial rate at $26.96 under the maximum 175% classification.
- Bills take effect in January 2026 with an estimated $780 annual increase for the average single-family homeowner.
- Councilors also approved the maximum 35% residential exemption, which city officials project could save qualifying homeowners up to $4,354.74.
- Mayor Michelle Wu’s effort to temporarily raise the commercial multiple to 180% has stalled in the Senate, and her office says that change would have lowered the typical increase to about $480.
- City officials cite state-certified assessments showing residential values up about 2% and commercial values down about 6%, a trend that has intensified debate between calls for fiscal restraint and frustration over stalled state action.