Amendment #103, as changed to H4461

Property Tax Reimbursements

Representatives Nangle of Lowell, Golden of Lowell and Mom of Lowell move to amend the bill by adding the following section:-

“SECTION XX.  Chapter 59 of the General Laws is hereby amended by inserting after section 2D the following section:-

2E.  Any charitable organization or educational institution otherwise exempt from the payment of property taxes pursuant to section 5 of chapter 59, or any nonprofit charitable corporation or public charity otherwise exempt from the payment of property taxes, that purchases real property that was subject to taxation under said chapter 59 at the time of the purchase, shall pay property taxes on the assessed value of said property for a period of 4 years after the purchase, the amount of said property taxes paid to be phased out as follows: in the first year, 100 per cent of the property tax; in the second year, 75 per cent of the property tax; in the third year, 50 per cent of the property tax; and in the fourth year, 25 per cent of the property tax.”.