Bill > H2537

This bill proposes changes to Section 2D of Chapter 59 of the General Laws, which deals with supplemental real estate taxes, aiming to create uniformity in how these taxes are calculated and applied. Specifically, it clarifies that when calculating supplemental real estate taxes, the value of the land itself should be excluded, focusing only on the value of improvements made to the property. The bill also redefines the trigger for these taxes, changing it from the "occupancy" of a property to the "improvement and issuance of the occupancy permit," meaning the tax will be applied once improvements are made and the permit is issued. Additionally, it allows for the tax to be applied in the fiscal year following the improvement or the next fiscal year, providing more flexibility. These changes are set to take effect on January 1, 2016.