SECTION 1. Chapter 59 of the General Laws is hereby amended by striking out section 5I and inserting in place thereof the following section:—
Section 5I. With respect to each parcel of real property classified as class three, commercial, in each city or town certified by the commissioner to be assessing all property at its full and fair cash valuation, and at the option of the selectmen or mayor, with the approval of the town meeting or city council, as the case may be, there shall be an exemption equal to not more than fifty percent of the value of the parcel; provided, however, that such exemption shall only apply to property that is solely occupied by a business that, at that location and all others combined, had an assessed valuation of less than one million dollars. This exemption shall be in addition to any exemptions allowable under section five. The value of exemptions granted under this section shall be borne by the combined value of class three commercial property and class four industrial property.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.