Massachusetts S1928 allows cities and towns to limit annual tax assessment increases on residential property.

Massachusetts S1928 establishes a limit on annual tax assessment increases for residential property in cities and towns. If approved by a majority vote, the limit is set at 3% of the annual increase or the Consumer Price Index, whichever is lower, for principal residences. For other residential properties, the limit is 10% of the annual increase. The limit does not apply to property value increases due to improvements or during the year of property sale. The bill amends Section 21C of Chapter 59 of the General Laws.

Massachusetts S1928 allows cities and towns to limit annual tax assessment increases on residential property.

Massachusetts S1928 establishes a limit on annual tax assessment increases for residential property in cities and towns. If approved by a majority vote, the limit is set at 3% of the annual increase or the Consumer Price Index, whichever is lower, for principal residences. For other residential properties, the limit is 10% of the annual increase. The limit does not apply to property value increases due to improvements or during the year of property sale. The bill amends Section 21C of Chapter 59 of the General Laws.