Property values surge in Boston

The Millennium Tower, seen under construction in Downtown Crossing last fall, is part of Boston’s condominium boom.David L. Ryan/Globe Staff

Boston’s taxable property values have reached new heights, fueled by construction and soaring real estate prices.

Total taxable property value for fiscal year 2015 was $110.7 billion, the first time the city’s value has surpassed $100 billion, according to a report released Wednesday by the Boston Municipal Research Bureau, a fiscal watchdog funded by businesses and nonprofit institutions.

Much of the growth was attributable to a 12.1 percent increase in residential property values last year, outpacing the growth of business property values, which rose 8.8 percent. Residential values represented 71.6 percent of the city’s total property value growth, the report found.

Values increased in all types of residential real estate, with the rising value of existing housing accounting for 85 percent of the increase and new construction accounting for the rest.

Among the largest drivers of growth in the residential sphere: a 12.3 percent uptick in the value of condominiums, particularly upscale residences. The growth in condo values was concentrated in the Back Bay and downtown, which have seen a wave of high-end units developed in recent years, the report found.

Residential values grew across the city. Values increased by 10 percent or more in 17 of Boston’s 22 wards, constituting 77 percent of the city, according to the report.

Business values grew at faster rates in the city’s retail and financial hotspots, including downtown, Back Bay, and the Seaport Distict.

Value of residential property in Boston on the rise

Residential property value grew by $7.8 billion or 12.1 percent to a total of $72.3 billion in fiscal 2015.

Condos FY 14

$26.5 billion

Condos FY 15

$29.7 billion

Single family FY 14

$12.6 billion

Single family FY 15

$13.6 billion

2 or 3 family FY 14

$13.1 billion

2 or 3 family FY 15

$14.8 billion

Multi-family FY 14

$7.8 billion

Multi-family FY 15

$8.7 billion

All others FY 14

$4.6 billion

All others FY 15

$5.5 billion

SOURCE: Boston Municipal Research Bureau

Catherine Cloutier, Matt Rocheleau/Globe Staff

Value of business property in Boston on the rise

Business property value grew by $3.1 billion or 8.8 percent to a total of $38.4 billion in fiscal 2015.

Commercial FY 14

29.7

Commercial FY 15

32.6

Industrial FY 14

0.6

Industrial FY 15

0.7

Personal FY 14

5

Personal FY 15

5.2

SOURCE: Boston Municipal Research Bureau

Catherine Cloutier, Matt Rocheleau/Globe Staff