 SECTION 548 OF CHAPTER 26 OF THE ACTS OF 2003:
REVENUE GENERATION FOR AGENCIES THAT PARTICIPATED IN THE AUCTION PROGRAM
Section 548 of Chapter 26 of the Acts of 2003 created a two-year window (through June 30, 2005) for the Division of Capital Asset Management (DCAM) to dispose of surplus property. Listed below is a copy of DCAM’s Agency Disposition Tracking Report listing the gross and net dollars of each state agency that surplused property under the program. The legislation requires DCAM to deposit the first $25 million of property sales generated into the Commonwealth's General Fund. The second $25 million generated must be deposited into an established Housing Smart Growth Fund. Under Section 548, DCAM has generated gross revenue sales of $41,544,000, and net revenue sales of $29,798,571; an additional gross revenue of $9,498,000 is projected in FY06/FY07.
The amount of revenue currently deposited into the Housing Smart Growth Fund is $3,149,370 that will potentially increase based on projected FY06/FY07 revenue.
In addition to the revenue generated under Section 548, buildings and properties that have sat empty for decades are now in productive use, generating housing, jobs, and open space and taxes to the local communities. The portion of the proceed sent to the Housing Smart Growth fund will be use for affordable housing projects throughout the Commonwealth of Massachusetts. Also, the program received a special recognition award by the Pioneer Institute for accelerating the disposition of surplus state property.
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FY 2005 REVENUE RECEIPT AND ESTIMATED PROPERTY TAXES
FOR LEGISLATIVE AND MHD LAND TRANSACTIONS
The Office of Real Estate Management has estimated the property tax figures for various completed projects in fiscal year 06 (see below chart for more details). The purchase price of each property does not take into account value added through redevelopment and construction. All of these properties were exempt from property taxes prior to sale. The properties listed on the chart are now currently being redeveloped, and municipalities will receive an annual tax benefit per parcel. In addition to the revenue generated and assessment of taxes by municipalities, buildings and properties that have sat empty for decades are now in productive use, generating housing, jobs, and open space to the local communities.
Click below for FY 2005 Revenue Receipts and Estimated Property Taxes for the following:
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