Bill > H4942

This bill aims to regulate the property tax classification limits in the City of Boston beginning in fiscal year 2025. The key provisions are: 1. The commissioner of revenue shall further adjust the minimum residential factor for the City of Boston for fiscal years 2025 to 2028 to ensure that the residential property class does not bear a higher percentage of the total property tax levy than in the prior fiscal year. The minimum residential factor is set at 45% in 2025, 47% in 2026, 49% in 2027, and 50% in 2028, with potential upward adjustments to ensure that no class of property exceeds certain percentage thresholds. 2. The City of Boston may elect to apply an alternative implementation schedule, where the original years of 2025 to 2029 are shifted to 2026 to 2030 or 2027 to 2031. The city must notify the Department of Revenue of its schedule election during the rate setting process of the first year of the schedule, and the selected schedule cannot be changed thereafter.