City must recognize drop in downtown property values

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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  1. 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.