Establishes a local option tax on vacant residential units in Massachusetts.

This bill creates a local option tax on vacant residential units in Massachusetts. Cities and towns can impose a tax of 12.5% of the annualized last agreed upon monthly rental rate on units that have been vacant for at least 90 consecutive days. Owners must register vacant units with the assessor within 30 days of vacancy. Exemptions apply for units undergoing redevelopment, owners experiencing significant medical events, military deployment, or first-time inheritance. The tax aims to address issues related to vacant residential properties.

Establishes a local option tax on vacant residential units in Massachusetts.

This bill creates a local option tax on vacant residential units in Massachusetts. Cities and towns can impose a tax of 12.5% of the annualized last agreed upon monthly rental rate on units that have been vacant for at least 90 consecutive days. Owners must register vacant units with the assessor within 30 days of vacancy. Exemptions apply for units undergoing redevelopment, owners experiencing significant medical events, military deployment, or first-time inheritance. The tax aims to address issues related to vacant residential properties.