SECTION 1. Chapter 58 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by adding the following section: -
SECTION 17A. The department of revenue shall establish reasonable levels of payment in lieu of taxes for cities and towns that severally border lands owned by the commonwealth for the purposes named in section 13. The department of revenue shall establish a formula based on factors which determine the property’s value including but not limited to municipal zoning designation, such as open space, commercial, or residential, for the purpose of equitably distributing funds under the previous section.
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