H4051 — An Act relative to establishing a municipal tax assessment increase limit

Summary

An Act relative to establishing a municipal tax assessment increase limit

Bill Text

• Full text Current

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill grants cities and towns more authority in determining tax rates and provides a mechanism for applying for hardship under specific circumstances.

• Section 56

  A city or town shall have discretionary authority to determine: (i) the residential tax rate factor shift and portion of tax levy to be paid by commercial, industrial and personal property classes without being bound by the commissioner of revenue pursuant to section 1A of chapter 58; and (ii) if properties should be subject to higher taxation that are registered as derelict or abandoned residential, commercial or industrial property for a period of at least 5 years.

  This addition allows local governments to have more control over tax rate factors and the ability to impose higher taxes on derelict properties.

• Section 56

  A city or town may apply for hardship to the commissioner of revenue to cover the tax levy for any shortfall of property tax revenue collected during periods when the commissioner has collected a tax surplus. The amount to be applied for cannot exceed 5 per cent of the total tax levy amount of any city or town applying.

  This provision allows cities and towns to seek assistance for property tax revenue shortfalls under certain conditions.

Sponsors

• Rita A. Mendes · Primary

Subjects