Councilors propose protecting long-time homeowners from taxing effects of gentrification
City councilors Steve Murphy (at large) and Bill Linehan (South Boston, South End) today will propose setting a limit on how much a homeowner's property taxes can rise from one year to the next.
The two argue that residents in areas undergoing gentrification are being unduly burdened by the fact that as foreclosed and distressed properties get renovated, their property values - and so their property taxes - are going up too fast. In a request for a hearing on a "circuit breaker" provision, they add:
Increases in property tax bills being seen in the post-recession real estate market have not been fully matched by a bounce-back in the employment sector, making it difficult for many long-time homeowners to continue to afford their homes.
Their proposed limit would be on top of the tax break homeowners already get. They did not detail the potential costs to the city of their idea.