Bill > H2591

This bill proposes to amend Section 38 of Chapter 59 of the General Laws, which deals with property taxation. The key change is to require assessors in cities and towns to classify real property into four categories for taxation purposes: residential, open, commercial, and industrial. This classification will then be used to apply specific tax rates to each property type, as determined under another section of the law, to calculate the final tax amount due. The bill also clarifies that when determining the "fair cash valuation" of property, assessors must consider any recorded restrictions on its use. This aims to ensure a more equitable and transparent system for taxing different types of real estate, particularly in relation to affordable housing which often has use restrictions.