Bill > H2584

This bill, concerning payments in lieu of taxation by organizations exempt from property tax, proposes to add a new section to Chapter 59 of the General Laws. This new section, to be known as Section 5N, would allow cities and towns to vote to accept its provisions. If accepted, organizations that are exempt from property taxes under clause third of the law would be required to make payments to the municipality equal to 25 percent of the property tax they would normally pay if their property were not exempt. This applies to all real and personal property owned by these organizations within the accepting city or town. Furthermore, any city or town that accepts this section must also adopt an ordinance or bylaw to establish how these payments will be managed, potentially allowing for exemptions from payment, considering community benefits as part of the payment, and outlining the administrative process for these payments.