Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Notwithstanding any general or special law to the contrary upon approval of the town of Wellfleet's affordable accessory dwelling zoning by-law by the attorney general, affordable accessory dwelling units rented under the by-law that are subject to an affordable housing deed restriction shall be exempt from taxation under chapter 59 of the General Laws.

SECTION 2. Such exemption shall be equal to the tax otherwise owed on the property based on the assessed value of the entire property, including any accessory structures multiplied by the square feet of the living space of all accessory structures on the property that are restricted to occupancy by low or moderate income households divided by the total square feet of all structures on the property. For purposes of determining the assessed value of the entire property, if by income approach to value, such assessment shall assume that all housing units are rented at fair market value.

SECTION 3. The date of determination as to the qualifying factors required by this act shall be September 1 of each year.

SECTION 4. This act shall be submitted to the voters of the town of Wellfleet at the next annual or special town election in the form of the following question which shall be placed upon the official ballot to be used at said election:

"Shall an act passed by the general court in the year 2002 entitled 'An Act relative to property tax exemptions for rental properties in the town of Wellfleet deed restricted as affordable housing', be accepted?" If a majority of the votes cast in answer to said question is in the affirmative, then this act shall take effect, but not otherwise.

SECTION 5. This act shall take effect upon its passage.