Massachusetts S2016 requires organizations exempt from property tax to make payments in lieu of taxation if their property is valued at $15 million.

Massachusetts S2016 amends Chapter 59 of the General Laws to mandate that organizations exempt from property tax must make payments in lieu of taxation. This applies to organizations owning property valued at $15 million or more. The bill allows cities and towns to adopt ordinances or bylaws to negotiate exemptions, consider community benefits, and manage payments. High Public Payment Hospitals, as defined in Section 67 of Chapter 118E, are exempt from these requirements.

Massachusetts S2016 requires organizations exempt from property tax to make payments in lieu of taxation if their property is valued at $15 million.

Massachusetts S2016 amends Chapter 59 of the General Laws to mandate that organizations exempt from property tax must make payments in lieu of taxation. This applies to organizations owning property valued at $15 million or more. The bill allows cities and towns to adopt ordinances or bylaws to negotiate exemptions, consider community benefits, and manage payments. High Public Payment Hospitals, as defined in Section 67 of Chapter 118E, are exempt from these requirements.