Authorizes cities and towns to impose a local affordable housing surcharge on real property.

This bill allows cities and towns to impose an affordable housing surcharge on real property, up to 2% of the real estate tax levy. The surcharge is not included in total taxes assessed. A city or town must approve the surcharge by a two-thirds vote, and it can be revoked or amended once per year. Exemptions include properties owned by low-income individuals and certain commercial and industrial properties. Revenue from the surcharge must be deposited into an affordable housing trust.

Authorizes cities and towns to impose a local affordable housing surcharge on real property.

This bill allows cities and towns to impose an affordable housing surcharge on real property, up to 2% of the real estate tax levy. The surcharge is not included in total taxes assessed. A city or town must approve the surcharge by a two-thirds vote, and it can be revoked or amended once per year. Exemptions include properties owned by low-income individuals and certain commercial and industrial properties. Revenue from the surcharge must be deposited into an affordable housing trust.