SECTION 1.  Notwithstanding any general or special law to the contrary, dwelling units, in the town of Truro, occupied by income eligible households and rented for an amount not exceeding the fair market rents established by the United States Department of Housing and Urban Development shall be exempt from taxation under Chapter 59 of the General Laws.

SECTION 2.  Households leasing and occupying the affordable dwelling unit shall upon initial application and annually thereafter, on September first, submit to the town of Truro or its agent, documentation necessary to confirm their eligibility for the dwelling unit.  Dwelling units shall be rented to those meeting the guidelines for a low or moderate income family.  For the purposes of this act, low income households shall have an income less than 80 per cent of the town of Truro median household income, as established by the United States Department of Housing and Urban Development for Barnstable Town Metropolitan Statistical Area and moderate income households shall have an income between 80 per cent and 120 per cent of the town of Truro median household income as calculated on the basis of the same area median income statistic as determined by the United States Department of Housing and Urban Development published income guidelines, as calculated on the basis of the same area median income statistic.

SECTION 3.  Maximum rents shall not exceed fair market rents established by the United States Department of Housing and Urban Development for the period commencing October 1 of the most recent year.  Property owners shall submit to the town of Truro or its agent information on the rents to be charged.  Each year thereafter, on the first day of September, they shall submit information on annual rents charged and a signed lease to the town or its agent.  Forms for this purpose shall be provided.

SECTION 4.  The exemption shall be equal to the tax otherwise owed on the property based on the assessed value of the property, including accessory dwelling units, multiplied by the square feet of the living space of all dwelling units on the property that are restricted to occupancy by low or moderate income households, divided by the total square feet of structures on the property.  For property with a single dwelling unit, the exemption allowed shall not exceed 50 per cent of the tax otherwise owed.  For purposes of determining the assessed value of the property, if by income approach to value, the assessment shall assume that all housing units are rented at fair market rent as determined by the United States Department of Housing and Urban Development.  To be eligible for exemption, the housing unit shall be leased to a low or moderate income household at such rents for the entire fiscal year for which the exemption is sought.

SECTION 5.  The date of determination as to the qualifying factors required by this act shall be the first day of September of each year.

SECTION 6.  This act shall be submitted to the voters of the town of Truro 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 2013 entitled ‘An Act relative to property tax exemptions for rental properties in the town of Truro restricted as affordable housing’, be accepted?”

If a majority of the votes cast in answer to the question is in the affirmative , then this act shall take effect, but not otherwise.