Bill > S2018

This bill amends a section of Massachusetts General Laws related to property tax exemptions, specifically concerning the interest rate applied to tax-deferred property. The change involves striking the phrase "chapter sixty" and replacing it with "chapter sixty, or such lesser rate as may be determined by the legislative body of the city or town, subject to its charter." This means that instead of a fixed interest rate determined by chapter sixty of the General Laws, cities and towns will now have the authority to set a lower interest rate for tax-deferred property, provided it is allowed by their local charter. Tax-deferred property refers to real estate where property taxes are postponed, often for seniors or disabled individuals, with the understanding that the deferred taxes will eventually be paid, typically when the property is sold.