Mayor Michelle Wu has announced a substantial 13% increase in property taxes for Boston residents, particularly affecting single-family homes starting in January. This marks the second consecutive year of double-digit tax hikes for homeowners. Alongside this development, the city is grappling with a deepening slump in commercial property values, projected to decline by 6%, further straining the city’s budget. In her efforts to address these financial challenges, Mayor Wu is renewing her call for legislative action on a contentious tax shift proposal, aiming to mitigate the impact of the looming tax increase on average homeowners.