Bill > H2492

This bill establishes new regulations for the sale or conversion of certain tax-exempt private property, aiming to protect open space. Specifically, it mandates that any privately owned real property that has been exempt from property taxes for two or more years due to its non-profit status cannot be sold for, or converted to, residential, industrial, or commercial use without first notifying the local city or town. This notification period is in effect while the property is still exempt and for one year afterward. The bill outlines detailed requirements for this notice, including a statement of proposed use, property location and acreage, and landowner contact information. If the intent is to sell, a copy of an executed purchase and sale agreement with a bona fide offer (a good faith offer not dependent on future zoning changes or development potential) must be included. For conversions, a statement of intent and proposed use are required. The city or town then has a 120-day period after receiving a compliant notice to exercise a first refusal option to purchase the land at the price of a bona fide offer, or at fair market value determined by appraisal in the case of conversion. This option can be assigned to a non-profit conservation organization or another governmental entity. The bill also includes provisions for appraisal processes, public hearings, and the recording of notices and assignments, with exceptions for mortgage foreclosure sales which still require advance notification to the municipality.