Bill > H2438

This bill proposes property tax relief for small business owners by creating a new exemption for commercial properties. Specifically, it allows cities and towns that assess all property at its full value to offer an exemption of up to 10 percent of the average assessed value of commercial property. This exemption is only available for businesses that employed 50 people or fewer in the preceding year and whose property is valued below $1 million. The bill also establishes a process where the director of the division of employment and training will provide a confidential list of eligible employers to local tax assessors to help them determine eligibility for this new property tax exemption, which is intended to be in addition to any other exemptions already available.