Bill > H3244

This bill modifies the existing tax exemption for small commercial properties by increasing two key eligibility thresholds. Specifically, the bill allows local legislative bodies (such as city councils or town meetings) to approve a tax exemption for commercial properties up to 20% of the parcel's total value, which is an increase from the current 10% limit. Additionally, the bill raises the maximum value of properties eligible for this exemption from $1 million to $4 million, with the exact amount to be determined by local legislative bodies. These changes are intended to provide greater flexibility for municipalities in offering tax relief to small commercial property owners, potentially making it easier for small businesses to manage their property tax burden by allowing local governments to implement more generous exemption policies.

Budget and Finance

https://malegislature.gov/Bills/194/H3244