Wu, Boston's business leaders make a deal on taxes

By the numbers: Under the deal, commercial properties will be taxed a maximum 181.5% of the residential rate in fiscal year 2025. That will drop to 180% next year and 178% the year after.

• To soften the blow, the city will deal out up to $15 million annually to small businesses and the personal property tax exemption for smaller companies will go from $10,000 to $30,000.

Between the lines: Wu significantly scaled back her demands in the latest round of negotiations. She had been going for a 200% maximum rate for five years.

• Businesses gave in too, and dropped demands for cuts to city spending.

The big picture: The compromise is trying to head off a nearly 30% quarterly increase in property taxes for single-family homeowners. Instead, it'll be about a 9% increase.

What's next: With both Wu and the business community on board, the deal should win approval from the Boston City Council, state lawmakers and Gov. Maura Healey.

• Tax bills go out in January.