Bill > S1448

This bill proposes to repeal the property tax exemption currently granted to businesses that lease, use, or occupy real property owned by the Massachusetts Port Authority (Massport), a public authority responsible for managing port and airport facilities. Currently, while Massport itself is exempt from property taxes, businesses operating on its land are also exempt. This bill would change that by requiring these businesses to be assessed and taxed annually on the property they occupy, as if they were the owners, with the tax being a lien on their leasehold interest rather than the property itself. The bill also clarifies that Massport can enter into agreements with the Boston Redevelopment Authority to make payments in lieu of taxes for certain properties, and that no revenue bonds can be issued until such agreements are in place.