HB 4880

Abstract

Amends the Property Tax Code. Provides that, beginning in taxable year 2010, if residential real property is (i) rented or leased for a de minimus sum to an organization that is exempt under paragraph (3) of Section 501(c) of the Internal Revenue Code and (ii) operated and controlled by that organization solely for use as a community integrated living arrangement, then that property is exempt from taxation. Provides that once such property is exempt from taxation, it shall remain exempt so long as it is (i) rented or leased to the exempt organization for a de minimus sum and (ii) operated and controlled by that organization solely for use as a community integrated living arrangement. Authorizes the Chief County Assessment Officer to require lessors seeking this exemption to annually file an application verifying the satisfaction of these requirements. Effective immediately.