‘Crazy Vacancies’ Force Boston Landlords to Fight Valuations

Kambiz Shahbazi says the value of his four Boston office buildings has tumbled because of the damage inflicted on the market by Covid-19 and the resulting exodus by tenants.

Boston has already lowered the assessed value of the collected properties over the past two years by about 12%, but Shahbazi says that doesn’t come close to reflecting the true declines. So he’s filed challenges to the city’s assessments in the hope he can ultimately lower his tax bills on the properties. For at least one, he says the value should be discounted by about 50%.