This office lease clause is a more detailed form giving the tenant additional rights and the landlord further obligations as it relates to tax increases.
Massachusetts Detailed Tax Increase Clause
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Multi-State
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US-OL19033GB
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Word;
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How to fill out Detailed Tax Increase Clause?
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FAQ
State law requires that all property in the town be assessed within ten percent of market value every three years and the Department of Revenue is required to certify that a community has done this. A revaluation is the best way to ensure uniformity and equity in accomplishing this mandate.
2023, c. 50. The new law amended the estate tax by providing a credit of up to $99,600, thereby eliminating the tax for estates valued at $2 million or less and reducing the tax for estates valued at more than $2 million. Below, you will find answers to frequently asked questions regarding these recent changes.
Short-term capital gains will now be taxed at 8.5%, instead of the previous 12%, effective as of January 1, 2023. Note, however, that if the Massachusetts ?millionaires tax? applies, its 4% surtax will bring the rate on short-term capital gains to 12.5%.
The property tax levy limit cannot be increased more than the 2 ½ % over the prior years levy limit unless it gets voters' approval to override the cap. (Important note: Levy limit provisions of Proposition 2 ½ affect the total amount of taxes to be raised by a city or town and do not apply to individual tax bills.)
The tax rate is 1% of the total home value and the rate can only increase a max of 2% per year.
If you have a lease , the only way that a landlord can raise your rent before the lease ends is through what is called a "tax escalator clause." A tax escalator clause in a lease allows your landlord to pass on to you any increase in your landlord's property taxes by increasing your rent before the lease term ends.
The amount raised in property taxes can never be more than 2½ percent of the full cash value of all taxable property in a city or town. This is called the 2½ levy ceiling. The amount raised in property taxes can't jump more than 2½ percent from year to year.
59 § 21C (Proposition 2½). It states that, in any year, the real and personal property taxes imposed may not exceed 2½ percent of the total full and fair cash value of all taxable property. A levy limit is the other of the two types of levy (tax) restrictions imposed by MGL c. 59 § 21C (Proposition 2½).
