The proposed bill introduces the "Non-Owner Occupied Property Tax Act," establishing 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 purpose of the tax, which includes addressing the increased demand for essential services in areas with non-owner occupied properties and ensuring that property owners contribute fairly to the costs associated with these services.

The tax administrator is empowered to impose the tax, manage exemptions, and handle appeals. Taxpayers will be required to file returns and maintain records related to their properties. The tax will be due in four equal installments throughout the taxable year, with the first installment due on or before September 15.

The act includes provisions for penalties on delinquent payments and the process for taxpayers to claim refunds if they believe they have overpaid. This legislation is set to take effect on January 1, 2026.