"This is a wise compromise, albeit a short term one," one advocate said. The commercial tax property ceiling will be raised more than 6 percent higher than the current limit. The post Mayor Wu, business leaders compromise on property tax hike appeared first on Boston.

Boston Mayor Michelle Wu and business leaders have reached a compromise that the mayor’s office says will provide a “path forward” for the city’s plan to raise commercial tax rates, by way of a lower shift of the tax burden on to businesses.

Their plan would hike tax rates on commercial property for three years in a bid to balance the city budget without a sharp tax increase on residential taxpayers.

Boston Mayor Michelle Wu confirmed Tuesday that she and area business leaders are nearing agreement on a new, more moderate version of her tax shift proposal to bring before the Boston City Council and state lawmakers by Thanksgiving.

Mayor Michelle Wu and business groups agreed on an updated tax proposal under which commercial property owners pay 181.5% of what residential owners pay.

Boston Mayor Michelle Wu reached a compromise with business leaders to help advance a proposal aimed at protecting homeowners from a sharp spike in property taxes.

With her existing proposal hung up on Beacon Hill, Boston Mayor Michelle Wu said Wednesday that she’s sending a new proposal to the State House that she believes will “stabilize property taxes and protect homeowners and renters from a dramatic spike.

Boston Mayor Michelle Wu and business leaders reached a compromise Wednesday on a plan to temporarily increase commercial tax rates so that homeowners don't face sharp rate hikes down the road. Why it matters: The deal ends a months-long standoff between City Hall and business groups over how to balance the city's budget amid slumping office valuations.