By Ms. Peake of Provincetown, petition (accompanied by bill, House, No. 4381) of Sarah K. Peake (by vote of the town) relative to property tax exemptions for rentalproperties restricted as affordable housing in the town of Truro. Revenue. [Local Approval Received.]

The Commonwealth of Massachusetts

——————

PETITION OF:

Sarah K. Peake

——————

In the Year Two Thousand and Seven.

——————

An Act relative to property tax exemptions for rental properties in the town of Truro restricted as affordable housing

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Notwithstanding any general or special law to the contrary, upon approval of the town of Truro’s affordable accessory dwelling 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.

SECTION 2.  Such exemption shall be equal to the Real Estate tax otherwise owed on the 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 on the property.  For any property with a single affordable accessory dwelling unit, the exemption allowed shall not exceed 50% of the tax otherwise owed.  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.

SECTION 3.  The date of determination as the qualifying factors required by this act shall be September 1 of each year.

SECTION 4.  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 place upon the official ballot to be used at said election:

                “Shall an act passed by the general court in the year 2007 entitled ‘An Act relative to property tax exemptions for rental properties in the Town of Truro deed restricted as affordable housing’ be accepted?”

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