Mayor Wu unveils a property tax relief proposal with business backing to address Boston's residential tax hike.

Boston Mayor Michelle Wu and business leaders have reached a compromise that the mayor’s office says will provide a “path forward” for the city’s plan to raise commercial tax rates, by way of a lower shift of the tax burden on to businesses.

Boston Mayor Michelle Wu and business leaders reached a compromise Wednesday on a plan to temporarily increase commercial tax rates so that homeowners don't face sharp rate hikes down the road. Why it matters: The deal ends a months-long standoff between City Hall and business groups over how to balance the city's budget amid slumping office valuations.

Mayor Michelle Wu has drafted new legislation that includes a more “modest” shift of Boston’s tax burden onto businesses, beyond what’s allowed by state law, after reaching a tentative compromise

With her existing proposal hung up on Beacon Hill, Boston Mayor Michelle Wu said Wednesday that she’s sending a new proposal to the State House that she believes will “stabilize property taxes and protect homeowners and renters from a dramatic spike.