AN ACT RELATIVE TO PROPERTY TAX EXEMPTIONS FOR RENTAL PROPERTIES IN THE TOWN OF WELLFLEET DEED RESTRICTED AS TO AFFORDABLE HOUSING.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding any general or special law to the contrary
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.
Such exemption shall be equal to the tax otherwise owed on
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
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.
The date of determination as to the qualifying factors
this act shall be September 1 of each year.
This act shall be submitted to the voters of the town of
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:
an act passed by the general court in the year 2002 entitled 'An Act relative
property tax exemptions for rental properties in the town of Wellfleet deed
as affordable housing', be accepted?" If a majority of the votes cast in
to said question is in the affirmative, then this act shall take effect, but
This act shall take effect upon its passage.