Tax disputes involving prominent commercial buildings are not unusual in Providence or other major cities. But city solicitors across the country are bracing for a wave of pandemic-induced lawsuits over downtown properties. Providence has 97 active civil cases, including some with millions of dollars in tax revenue hanging in the balance that have languished for
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It’s not the city’s fault that folks like Paolino overpaid for their property and failed to make it attractive for commercial tenants. I can see lowering tax rates if the city can afford it, but not undervalue the property. These property owners need to deal with their vacancy issues. They took a bet on real estate and want to keep 100% of the profit on their bet. They need to stop asking everyone else to deal with their losses when they fail to make their property attractive to potential tenants. That’s a reality they need to deal with.