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2008 SESSION

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SB 299 Real estate taxes; classifies affordable rental housing.

Introduced by: Mary Margaret Whipple | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Real property taxes; affordable rental housing.  Classifies as affordable rental housing (i) real property operated as affordable rental housing for each of the 12 months of the most recently ended tax year in accordance with the definition of or criteria for affordable rental housing established by the locality, provided that during such year all building code violations have been abated or remedied, or (ii) real property with one or more of such units designated by the locality as committed for affordable rental housing.

Under current law, rent restrictions and restrictions on conveyances of affordable rental housing are taken into consideration in determining fair market value.


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