SECTION 1. Chapter 58 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after section 17B the following 2 sections:-

Section 17B1/2. In every year, not later than August first, the commissioner shall deliver to the state treasurer a statement as to the value of land owned by nonprofits for the purposes named in section 4 of chapter 180 in each town, and of the amount of money to be paid to each of such towns as determined by the following section.

Section 17B3/4. The treasurer in every year, not later than November twentieth, shall reimburse each town in which a nonprofit owns lands for the purposes named in section 4 of chapter 180 an amount in lieu of taxes upon the value of such land as reported to him by the commissioner under the preceding section, determined by multiplying each thousand dollars of valuation or fractional part thereof by the rate provided for under section 58 of chapter 63.