By Ms. Chandler, a petition (accompanied by bill,
Senate, No. 131) of Harriette L. Chandler and Bruce E.
Tarr for legislation relative to district improvement
financing. Community Development and Small Business. |
By Ms. Chandler, a petition (accompanied by bill,
Senate, No. 131) of Harriette L. Chandler and Bruce E.
Tarr for legislation relative to district improvement
financing. Community Development and Small Business. |
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. Section 1 of chapter 40Q of the General Laws is hereby amended by striking the following definition inserted by section 18 of chapter 46 of the acts of 2003: "Inflation factor", a ratio: (1) the numerator of which shall be the total assessed value of all parcels of all residential and Commercial real estate that are assessed at full and fair cash value for the current fiscal year minus the new growth adjustment factor for the current fiscal year attributable to the residential and commercial real estate as determined by the commissioner of revenue pursuant to paragraph (f) of section 21C of chapter 59; and (2) the denominator of which shall be the total assessed value for the preceding fiscal year of all the parcels included in the numerator; provided, however, the ratio shall not be less than 1.
Section 2. Section 1 of chapter 40Q of the General Laws is hereby further amended by striking the first sentence of the definition of "Original assessed value" inserted by section 18 of chapter 46 of the acts of 2003 and inserting in its place the following sentence:- "Original assessed value", the aggregate assessed value of the district as of the base date.
