Bill > H2869

This bill amends Section 38 of Chapter 59 of the General Laws to change how assessors determine the fair cash valuation of real property for taxation purposes. The key provisions are: (1) assessors must consider any recorded use restrictions when determining fair cash valuation; (2) real property must be classified into one of four classes - residential, open, commercial, or industrial; and (3) the applicable tax rate for each class, as determined under Section 23A of Chapter 59, will be applied to the taxable valuation of that class of property to calculate the taxes due.