The bill establishes a special commission in Massachusetts to study property assessment practices within the Commonwealth. The commission will consist of various members, including the commissioner of revenue or a designee, the chairs of the joint committee on revenue, two members from the Senate (one appointed by the Senate president and one by the Senate minority leader), two members from the House of Representatives (one appointed by the speaker and one by the House minority leader), as well as representatives from the Lincoln Institute of Land Policy and the Massachusetts Municipal Association, Inc. The commission is tasked with examining issues such as vertical inequity in valuation assessments, flaws in the current real property tax classification system, potential modifications to General Law Chapter 59, Section 2A, and appropriate increases to property tax exemptions.

The commission is required to convene its first meeting within 60 days of the act's effective date and conduct at least three public hearings to gather input from stakeholders and the public. By January 1, 2027, the commission must submit its recommendations and report to the clerk of the Senate and House of Representatives, as well as the joint committee on revenue and the department of revenue.