Bill > H2963

This bill amends Chapter 59 of the General Laws to allow cities and towns in Massachusetts to vote to accept a new section that requires organizations exempt from property taxes and owning total property valued at $15 million or more to make payments in lieu of taxation equal to 25% of the amount that would be paid if the property were not tax-exempt. The bill also allows cities and towns that accept this new section to adopt ordinances or bylaws to provide for agreements with these organizations, including provisions for exemptions from payment, consideration of community benefits as payment, and administration of the payments.