Bill > H3164

This bill amends Section 38 of Chapter 59 of the General Laws to provide clearer guidelines for how local assessors should value and classify real property for taxation purposes. Specifically, the bill requires assessors to make a fair cash valuation of all real and personal estate, taking into account any recorded restrictions on the property's use. The bill establishes a four-class property classification system: residential, open, commercial, and industrial. Under this new framework, assessors will determine the assessed valuation for each property class and then apply specific tax rates to each class to calculate the total tax due. This approach aims to create a more nuanced and potentially more equitable method of property taxation by recognizing different types of property and their potential limitations or uses. The bill gives local assessors more structured guidance in determining property values and ensures that property taxation considers specific characteristics of different types of real estate.

Budget and Finance

https://malegislature.gov/Bills/194/H3164