Word: prop
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...resolve the fiscal crisis at the state level, Prop 2 1/2 will be adjusted," says state Rep. Byron Rushing (D-Boston...
Ever since Prop 2 1/2 was enacted, cities and towns relied on the state to make up for the lost tax revenue in local aid payments. But now, with the state facing a budget deficit of more than $500 million, state officials say they can no longer supply the necessary funds...
...state has filled in the gap," says Paul Bockelman, executive secretary of Manchester, an eastern Massachusetts town that unsuccessfully attempted a Prop 2 1/2 override vote earlier this month. "But now that the state cash cow is dead, that money is not there anymore...
...Prop 2 1/2, approved by almost 60 percent of the voters in a 1980 referendum, sets a limit on the amount of revenue a city or town can raise through property taxes and puts a cap on the annual property tax increase...
...think it is time for there to be some loosening up of some of the restrictions [of Prop 2 1/2]," says Helen F. Ladd, a senior fellow at the Cambridge-based Urban Land Institute who studied the effects of Prop 2 1/2 in the law's early days...