Sounds great, doesn’t it — like a big win for homeowners, businesses and municipal officials alike: $1 billion of added property value in the city!
But, dig deeper and you’ll see why Mayor Petty and the City Council are skating victory laps around the Common: all that added value could sufficiently prop up the city’s tax levy so lawmakers concerned with re-election won’t have to consider a major hike to the residential tax rate. Excellent timing there, Mr. Augustus!
But that fact alone couldn’t be behind the dramatic rise, right? Either way, Hitch has an idea about what might have caused the fortuitous result.