Proposes to amend Massachusetts law to ensure trustees pay property tax on real estate dispositions based on fair cash valuation.
The bill proposes to amend Chapter 59 of the General Laws by adding a new section 5O. This new section mandates that trustees of a trust must pay property tax to a city or town for the assessed fair cash valuation of real property if the disposition's interest is less than its fair cash valuation. This change aims to ensure proper valuation of real estate transactions for taxation purposes.
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