Menino's proposal, which was filed as part of his legislative package, would actually close two loopholes in property tax law. The loopholes exempt certain telecommunications and switching properties from paying property taxes.

According to Ron Rakow, commissioner of assessments for the city, the loopholes come from a court decision that was made in 1948. "The industry is changing rapidly," he tells GlobeSt.com, emphasizing that the decisions that were made 50 years ago are no longer applicable.

Rakow acknowledges that property taxes for certain telecommunications companies will go up as a result of the law, and he estimates that the city will generate between $15 and 20 million in tax revenue if the legislation is passed.