Boston Reaps Tax Windfall From New Construction
📅 Fri February 10, 2017 - Northeast Edition
By Tim Logan
Cranes and the Boston skyline as seen from the North End. John Stephen Dwyer (Boston at English Wikipedia)
Boston's building boom is paying off for the city.
In a report, the Wall Street rating service Moody's estimated Boston will receive nearly $75 million in additional property tax revenue this fiscal year from all the new buildings that came on line.
The firm estimated that some $4.3 billion worth of new real estate will be added to the tax rolls in fiscal year 2017. That is nearly double the $2.3 billion added last year, and is easily the biggest increase on record.
Most of the new construction — 60 percent, Moody's said — comes from residential buildings, which the Walsh administration has been encouraging as a way to keep the city's high housing costs in check.
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