CAMBRIDGE— businesses in the city are reeling from an eye-popping 22% tax hike as property values take a nosedive. This staggering increase comes at a time when commercial property values across Cambridge have plummeted by over $300 million, or 4%, leaving many local entrepreneurs scrambling to stay afloat.

Reports suggest that the drop in assessed values is largely driven by soaring vacancies in office and lab buildings, a situation that the city administration has been closely monitoring. The sudden tax hike has sent shockwaves through the business community, raising serious questions about the administration's financial strategies and the wellbeing of local enterprises.

As the city imposes this hefty tax burden, business owners are left to wonder how they will cope with the escalating costs amid declining revenues. The dramatic rise in taxes appears to be a desperate attempt to plug the gaps created by falling property values, but at what cost to the local economy?

With many businesses already struggling, this move could have dire consequences, potentially accelerating closures and job losses. The city’s decision to raise taxes in the face of declining property values raises eyebrows and could lead to a perfect storm of economic turmoil.