SECTION 1. Chapter 59 of the General Laws is hereby amended by adding after section 5M the following section:-
Section 5N. Notwithstanding the provisions of section 5 or any other general or special law to the contrary, in a city or town that votes to accept this section pursuant to section 4 of Chapter 4, an organization exempt from taxation under clause third shall make payments in lieu of taxation on all real and personal property owned by the organization in the city or town equal to 25 percent of the amount that would be paid if the property were not exempt from taxation.
Any city or town that accepts this section shall adopt an ordinance or bylaw to provide for agreements between the municipality and organizations that may provide for exemptions from payment, consideration of community benefits as payment and administration of payments.
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