The proposed bill, titled "Property Tax/Rent Freeze Bill," introduces a new chapter to Title 45 of the General Laws concerning towns and cities. It establishes that any city or town that adopts an ordinance limiting the right of a property owner, property manager, or landlord to increase rent prices on a rental unit shall be prohibited from increasing property tax rates or reassessing property values on affected rental units for as long as the rent control ordinance remains in effect. This prohibition applies specifically to taxable years in which the city or town maintains the adopted ordinance.

The bill defines a "rental unit" as any part of a housing accommodation rented or offered for rent for residential occupancy, which includes apartments, rooms, condominiums, single-family homes, and manufactured homes. The act is set to take effect immediately upon passage.