Section 31B. If the total taxes paid in any twelve-month period ending June the thirtieth under sections thirty to fifty-one, inclusive, and under any act in addition thereto, including payments made on account thereof under chapter sixty-three B, exceed the total of such taxes paid in the twelve-month period ended June the thirtieth, nineteen hundred and seventy plus six million dollars for each succeeding twelve-month period thereafter, the commission shall, on or before December the first next following, ascertain the amount of such excess and shall lower the rate applicable to the property taxable under clause (1) of subsection (a) of sections thirty-two and thirty-nine, for taxable years ending on and after December the thirty-first next following, by an amount equal to eighty-seven and seven tenths per cent of such excess divided by one thousandth of the aggregate of such property taxable under clause (1) of subsection (a) of said sections during the twelve-month period ending the preceding June the thirtieth; provided, however, that in no event shall the rate applicable to such property be less than two dollars and twenty-eight cents per thousand dollars of value for any taxable year. As used herein, “total taxes paid” shall include interest penalties, fees, forfeitures, costs of suits, fines or other charges, less all amounts refunded, together with any interest or costs paid on account of such refunds.

Last modified: March 26, 2006