SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, upon the approval by the Salem City Council of Salem's Affordable Accessory Dwelling Unit Ordinance, an Affordable Accessory Dwelling Unit in the City of Salem, shall be exempt from taxation under Chapter 59 of the General Laws.
SECTION 2. Such exemption shall be based on the value of an additional bedroom(s), not the value of the accessory dwelling unit with a kitchen and bath.
SECTION 3. The property owner leasing the affordable dwelling unit shall upon initial application and annually thereafter, on September first, submit to the City of Salem or its agent, documentation necessary to confirm their eligibility for the tax exemption for the affordable accessory dwelling unit.
SECTION 4. Maximum rents shall not exceed seventy percent of the established Fair Market Rent limit as established by the United States Department of Housing and Urban Development for the City of Salem for the most recent year.
SECTION 5. Households who have received a loan administered by the City of Salem for the purpose of building the Accessory Dwelling Unit shall not be eligible for the tax incentive for the term of the loan.
SECTION 6. This act shall take effect upon its passage.
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