AN ACT RELATIVE TO PROPERTY TAX EXEMPTIONS FOR RENTAL PROPERTIES IN THE TOWN OF PROVINCETOWN USED AS 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, residential real estate in the town of Provincetown which is rented
and occupied by a person of low income, at a rental amount not exceeding the
standards of the United States Department of Housing and Urban Development for
income persons, shall be exempt from taxation under chapter 59 of the General
The exemption shall be equal to the tax otherwise due on
parcel based on the full and fair assessed value, multiplied by the square
the housing units rented to and occupied by a person or family of low income,
divided by the total square footage of a structure located on the parcel.
For rental housing, assessment of such property, if by an
income approach to value, shall assume fair market rent for all units. To be
eligible for exemption, the housing unit shall be leased to a low income
person at rents for the entire fiscal year for which the exemption is
The date of determination as to the qualifying factors
this act shall be July 1 of each year for the fiscal year beginning on such
This act shall be submitted to the voters of the town at
annual or special town election, in the form of the following question which
be placed upon the official ballot to be used at that 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 Provincetown used
affordable housing', be accepted?" If a majority of the votes cast in answer
that question is in the affirmative, then sections 1, 2 and 3 of this act shall
thereupon take effect, but not otherwise.
Section 4 of this act shall take effect upon its passage.