Boston Mayor Michelle Wu will file a new version of her proposal to ease the city’s tax burden on overburdened residential homeowners after reaching a compromise deal with business groups this week.

The petition for the new house rules will soften the magnitude of the change, reduce the initial deadline from five years to three years, provide up to $15 million per year to offset impacts on small businesses, and increase the tax exemption for small businesses.

These provisions will serve to allay many of the concerns repeatedly raised by the Boston area business and real estate communities, who said the initial proposal would hurt small businesses at a time when they are already struggling.