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2010 SESSION
HB 233 Affordable housing units; assessments.
Introduced by: Rosalyn R. Dance | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Assessments for affordable housing units. Provides that assessments for certain affordable housing units be done according to the income approach, based on the property's current use and restrictions. This bill is a recommendation of the Virginia Housing Commission. The bill is effective for assessments for tax years beginning on or after January 1, 2011.
SUMMARY AS PASSED HOUSE:
Assessments for affordable housing units. Provides that assessments for certain affordable housing units be done according to the income approach, based on the property's current use and restrictions. This bill is a recommendation of the Virginia Housing Commission.
SUMMARY AS INTRODUCED:
Assessments for affordable housing units. Determines that capitalization rates for valuation shall not be reduced for affordable housing units, and that the taxpayer shall have the burden of proof by a preponderance of the evidence to determine that the valuation is erroneous. Assessments on affordable rental housing shall be deemed presumptively correct for two years or the remainder of the assessment cycle, whichever occurs first. This bill is a recommendation of the Virginia Housing Commission.