Bill > H3022

This bill provides property tax relief for small businesses by allowing cities and towns to offer up to a 10 percent exemption on property taxes for commercial properties meeting specific criteria. The exemption would apply only to businesses with 50 or fewer employees and properties with an assessed value below $1 million. To implement this, the bill requires the director of the division of employment and training to provide local assessors with an annual confidential list of employers meeting these small business specifications. The exemption would be applied on top of existing property tax exemptions and would be funded by offsetting the value across all commercial properties in a given municipality. Importantly, this tax relief is optional for local governments, with the board of selectmen or mayor needing city council approval to implement the exemption. The bill aims to support small businesses by reducing their property tax burden, potentially helping local economic development by easing financial pressures on smaller commercial property owners.

Budget and Finance

https://malegislature.gov/Bills/194/H3022