SB 2297

Abstract

Amends the Property Tax Code. Provides that, in determining the fair cash value of a low-income housing project (Section 42 properties), the assessment officer must consider the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties. Provides that the owner or owners of the low-income housing project must certify to the appropriate local assessment officer that the owner or owners qualify for the low-income housing tax credit under Section 42 of the Internal Revenue Code for the property. Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill. Makes changes concerning the valuation of low-income housing projects with 6 units or less to provide that the assessment officer, prior to finalizing and certifying assessments to the Board of Review, shall reassess the building considering the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties. Provides that the assessment provisions of the introduced bill apply during a general reassessment year or at such other time that a property is reassessed.