Massachusetts H3264 mandates payments in lieu of property tax for large tax-exempt organizations in municipalities that opt-in.

Massachusetts H3264 amends the General Laws to require organizations exempt from property tax, owning property valued at $15 million or more, to make payments in lieu of taxation in cities or towns that choose to accept this provision. The payment amount is set at 25% of what would be owed if the property were taxable. Exceptions are made for High Public Payment Hospitals, as defined by the Executive Office of Health and Human Services. Municipalities that adopt this provision must establish ordinances or bylaws to manage agreements, exemptions, community benefits, and payment administration.

Massachusetts H3264 mandates payments in lieu of property tax for large tax-exempt organizations in municipalities that opt-in.

Massachusetts H3264 amends the General Laws to require organizations exempt from property tax, owning property valued at $15 million or more, to make payments in lieu of taxation in cities or towns that choose to accept this provision. The payment amount is set at 25% of what would be owed if the property were taxable. Exceptions are made for High Public Payment Hospitals, as defined by the Executive Office of Health and Human Services. Municipalities that adopt this provision must establish ordinances or bylaws to manage agreements, exemptions, community benefits, and payment administration.