Bill > H3294

This bill proposes to amend a section of Massachusetts General Laws related to property taxation, specifically chapter 59, section 2A. The key provision is to create a new classification for certain commercial properties, designated as "class three, commercial." This new classification would apply to properties owned by businesses that, in the preceding calendar year, had an average of 10 or fewer employees, as certified by the Secretary of Labor and Workforce Development. For sole proprietorships or partnerships not subject to chapter 151A (which deals with unemployment compensation), this employee count would be determined by local assessors. Additionally, the assessed value of the property must be less than $1,000,000. Properties meeting these criteria would receive a tax rate that is 20% lower than other commercial properties within the same class that do not meet these specific requirements. This aims to provide a tax benefit to smaller businesses.