The proposed bill establishes a special legislative commission in Massachusetts tasked with studying the state's local property tax system and exploring potential reforms for property tax relief and local aid. The commission will investigate ways municipalities can reduce or phase out certain aspects of the property tax system, assess how the state can increase local aid to lessen reliance on property taxes, and evaluate the implications of such changes on various stakeholders, including taxpayers, property owners, and local services.

The commission will consist of 13 members, including legislative leaders, representatives from municipal and taxpayer organizations, and experts in tax policy and municipal budgeting. It is required to hold at least three public hearings across diverse locations to gather input from a wide range of stakeholders. The commission must submit a report detailing its findings and recommendations for legislative or policy changes by June 30, 2027.