Wu’s administration delivered its proposed home rule petition to the council Wednesday after a months-long debate with powerful business interests and state Senate President Karen Spilka over how to balancing the city’s $4.6 billion budget in the face of declining commercial real estate values.

Some 71.1 percent of Boston’s operating revenue comes from property taxes, with about two-thirds coming from commercial property taxes. With commercial valuations falling, due in part to the rise of hybrid and remote work following the pandemic, officials feared a substantial increase in residential taxes.

Under the new proposal, the average tax bill for single-family homes in Boston would increase about 9 percent year-over-year. An owner-occupied single-family home valued at $838,000 in the last fiscal year would see its quarterly tax bill increase from $1,380.43 to $1,628.91 in January and April, according to analysis of city data by the Boston Municipal Research Office.

Commercial tax rates, currently capped at 175 percent of the residential rate, would be temporarily increased to 181.5 percent before returning to 180 percent in fiscal 2026 and 178 percent in fiscal year 2027. They would then return to 175 percent.

The petition must ultimately be approved by the state legislature. The state Department of Revenue also must validate assessments on Boston properties before the new year, in time for the city to send tax bills to residents by January. If no action is taken, residential taxes on the average Boston single-family home would increase about 14 percent per year.

“We are under a time constraint if changes need to be made to the tax assessment,” said Council President Ruthzee Louijeune. “I’m trying to get us to act as quickly as possible, without wanting any further undue delays for us to deal with this matter.”

The Council meets again on Wednesday, October 30.

Catherine Carlock can be contacted at [email protected]. Follow her @bycathcarlock.