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Proposition 2½ (Mass. Gen. L. c. 59, § 21C) is a Massachusetts statute that limits property tax assessments and, secondarily, automobile excise tax levies by Massachusetts municipalities. The name of the initiative refers to the 2.5% ceiling on total property taxes annually as well as the 2.5% limit on property tax increases.
For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
Edwards and fellow councilor Kim Janey proposed a real estate transfer tax. Negotiations with other city councilors reduced this to a 2% tax on properties valued at $2 million or more, a decrease from their original proposal of a 6% tax. In December 2019, the Boston City Council voted to adopt Janey and Edwards' home rule petition requesting ...
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On September 27, 2016, Boston Mayor Marty Walsh changed the name of the development agency from the Boston Redevelopment Authority (BRA) to the Boston Planning and Development Agency (BPDA). This change was part of a broader goal to make city government more transparent and to put a friendlier face to a bureaucratic agency that rules upon major ...
Taxing jurisdictions levy tax on property following a preliminary or final determination of value. Property taxes in the United States generally are due only if the taxing jurisdiction has levied or billed the tax. The form of levy or billing varies, but is often accomplished by mailing a tax bill to the property owner or mortgage company. [48]
A tax concession was ultimately achieved through legislation in 1960 [9] that extended the power of the Boston Redevelopment Authority (BRA) to contain the planning function. The BRA declared the rail yards, now abandoned, to be a blighted area, and Prudential was able to develop the site with a tax concession. [10] [11] [12]
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