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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.
City or state property taxes are fees or real estate taxes that homeowners pay to their local government. These taxes help fund various public services like schools, libraries, roads, parks, fire ...
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]
The Boston Real Estate Board launched a campaign in 2023 to oppose Wu's measure, saying it will discourage housing production in a city and a region that already has an acute shortage, will make maintaining properties more difficult, and will hurt tax revenues. [107]
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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 ...
In March 1965, an investigative study of property tax assessment practices published by the National Tax Association of 13,769 properties sold within the City of Boston from January 1, 1960, to March 31, 1964, found that the assessed values in the neighborhood of Roxbury in 1962 were at 68 percent of market values while the assessed values in ...