Shareholder Brendan Lynch discussed property taxes with Mansion Global, addressing a reader's question: "Q. In the U.S., would the increase of commercial property taxes in an area impact—or offset—the need to increase residential property taxes?
Lynch explained that municipalities set the millage rate so that they can collect the tax amount for which they have budgeted. He further said, “They could maneuver the rates in some ways to have commercial take more of a burden than residential.”
However, he noted that commercial values could decrease next year because of the COVID-19 pandemic, while residential values are likely to rise.
Read the article: Do Commercial Property Tax Changes Affect Residential U.S. Properties?