Bill > H4687

This bill modifies property tax classification rules specifically for the city of Watertown, establishing a new minimum residential factor of 50% for fiscal year 2027 and subsequent fiscal years. The bill allows the commissioner of revenue to adjust this residential factor to ensure that the percentage of total tax levy imposed on any property class does not exceed 175% of the full and fair cash valuation of taxable real and personal property in Watertown. This means the bill provides flexibility in how property taxes are calculated and distributed across different property types (such as residential and commercial properties), while preventing any single property class from bearing an disproportionately high tax burden. The legislation overrides existing state laws and regulations about property tax calculations, specifically targeting Watertown's local tax assessment practices. The bill will take effect immediately upon passage, and represents a local initiative to provide more equitable property tax assessment for the city.

Budget and Finance

https://malegislature.gov/Bills/194/H4687