Massachusetts House Bill H2910

Massachusetts 2023-2024 Regular Session

• Introduced: 2/16/23
• Refer: 2/16/23
• Refer: 7/3/23
• Engrossed: 9/21/23
• Engrossed: 10/12/23
• Refer: 10/12/23
• Enrolled: 10/19/23
• Chaptered: 10/20/23
• Passed: 10/20/23

Caption

Relative to property tax classifications in the city of Watertown

Impact

If enacted, H2910 would significantly impact property tax calculations in Watertown, enabling the local government to adjust tax rates effectively to meet revenue needs. The adjustments outlined in the bill provide a framework for balancing tax burdens across property classes in the city while maintaining compliance with state laws. It reflects an effort to manage local revenue in a manner that promotes fiscal stability for the city’s budget planning.

Summary

House Bill H2910 proposes adjustments to property tax classifications specifically for the city of Watertown, Massachusetts. It allows the commissioner of revenue to make further adjustments to the minimum residential factor for property tax for fiscal years 2023, 2024, and 2025. The bill aims to ensure that the total tax levy imposed on any class of real or personal property does not exceed 175% of the full and fair cash valuation of the taxable properties in the city, starting with a baseline of 50% for the residential factor.

Contention

While the bill has received overall support, there might be concerns around how the adjustments could affect different property classes, particularly for those on fixed incomes who may face increased tax burdens. Some stakeholders may argue that maintaining a minimum residential factor could disproportionately impact lower-income families as property values rise. The necessity and implications of these adjustments in relation to community funding and city services may spark discussions during legislative reviews.