SECTION 1. Notwithstanding section 5 of chapter 59 of the General Laws or any other general or special law to the contrary, the city of Cambridge shall be permitted to allow for exemption from taxation of personal property not in excess of $20,000 of value.
SECTION 2. The city council of the city of Cambridge shall vote to establish a minimum value of personal property subject to taxation. Said value shall be subject to the limitations contained in section 1.
SECTION 3. This act shall take effect upon its acceptance by majority vote of the city council of the city of Cambridge.
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