The proposed bill introduces the "Non-Owner Occupied Property Tax Act," which establishes a new chapter in Title 44 of the General Laws concerning taxation. This act aims to impose a tax on non-owner occupied residential properties assessed at a value of eight hundred thousand dollars ($800,000) or more. The tax will be levied at varying rates based on the assessed value of the property: 0.4% for properties valued between $800,000 and $1,000,000, 0.5% for properties valued between $1,000,000 and $2,000,000, and 0.6% for properties valued over $2,000,000.

The act outlines the responsibilities of the tax administrator, including the authority to impose the tax, manage exemptions, and establish rules for tax returns and payments. Taxpayers will be required to pay the tax in four equal installments throughout the taxable year, with due dates on September 15, December 15, March 15, and June 15. Additionally, the bill provides for penalties and interest on delinquent payments and allows for appeals regarding tax assessments. The act is set to take effect on January 1, 2026, and aims to enhance the tax base of cities and towns while encouraging responsible property management by owners of non-owner occupied properties.