WHEREAS, the Town desires to increase the number of rental housing units in Lincoln that are affordable;
THEREFORE, the Town's representatives in the General Court are instructed to file a home rule petition for a special act entitled, "An Act Relative to Property Tax Exemptions for Rental Properties in the Town of Lincoln Deed Restricted as Affordable Housing" to read as follows:
SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, upon the approval by the Attorney General of the Town of Lincoln's Affordable Accessory Apartment Bylaw, the proportional value of affordable accessory dwelling units created under said 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 dwelling units multiplied by the square feet of the living space of all accessory dwelling units 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 the qualifying factors required by this act shall be September first of each year.
SECTION 4. This act shall take effect upon its passage.
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