By Mr. Festa of Melrose, petition (accompanied by bill, House, No. 3904) of Michael E. Festa relative to property tax classification in cities and towns. Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

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In the Year Two Thousand and Seven.

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An Act relative to property tax classification in cities and towns.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.  Paragraph (a) of section 1 of chapter 3 of the acts of 2004 is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:—  The new minimum residential factor for such year shall be (i) for fiscal year 2004, 45 per cent subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 200 per cent of the full and fair cash valuation of the taxable property of the class divided by the full and fair cash valuation of all taxable real and personal property in the city or town, (ii) in fiscal year 2005, 47 per cent subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 197 per cent of the full and fair cash valuation of the taxable property of the class divided by the full and fair cash valuation of all taxable real and personal property in the city or town, (iii) in fiscal year 2006, 49 per cent subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 190 per cent of the full and fair cash valuation of the taxable property of the class divided by the full and fair cash valuation of all taxable real and personal property in the city or town, (iv) in fiscal year 2007, 50 per cent subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 183 per cent of the full and fair cash valuation of the taxable property of that class divided by the full and fair cash valuation of all taxable real and personal property in the city or town, (v) in fiscal year 2008 and thereafter, 50 per cent subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 175 per cent of the full and fair cash valuation of the taxable property of that class divided by the full and fair cash valuation of all taxable real and personal property in the city or town.