Bill > H2588

This bill proposes to amend Chapter 59 of the General Laws by adding a new section, Section 5I, which would allow cities and towns to offer a property tax exemption for certain small businesses. Specifically, this exemption could be up to fifty percent of the property's value for real estate classified as "class three, commercial," provided the business occupying the property has a combined assessed valuation of less than one million dollars across all its locations. This exemption would be in addition to any other property tax exemptions a business might qualify for, and the cost of these exemptions would be shared by both "class three commercial" and "class four industrial" properties. The implementation of this exemption would be at the discretion of the local selectmen or mayor, with the approval of the town meeting or city council, and only in municipalities that assess all property at its full and fair cash valuation.