AN ACT RELATIVE TO PROPERTY TAX CLASSIFICATIONS IN THE CITY OF MEDFORD.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Notwithstanding section 1A of chapter 58 of the General Laws or any other general or special law or rule or regulation to the contrary, the commissioner of revenue shall further adjust the minimum residential factor of the city of Medford determined under said section 1A of said chapter 58 for fiscal years 2008, 2009 and 2010, if adoption of such factor for any such year would result in the residential property class bearing a higher percentage of the total property tax levy than the percentage of the total property tax levy imposed on the residential property class than in the prior fiscal year. The new minimum residential factor for such year shall be: (i) for fiscal year 2008, 50 per cent, subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 183 per cent of the full and fair cash valuation of the taxable property of that class divided by the full and fair cash valuation of all taxable real and personal property in the city of Medford; (ii) for fiscal year 2009, 50 per cent, subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 179 per cent of the full and fair cash valuation of the taxable property of that class divided by the full and fair cash valuation of all taxable real and personal property in the city of Medford; and (iii) for fiscal year 2010, 50 per cent, subject to such adjustment upward as may be required to provide that the percentage of the total tax levy imposed on any class of real or personal property shall not exceed 175 per cent of the full and fair cash valuation of the taxable property of that class divided by the full and fair cash valuation of all taxable real and personal property in the city of Medford.
SECTION 2. This act shall take effect upon its passage.
Approved December 10, 2007.