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2010 SESSION

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SB 273 Affordable housing units; assessments.

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

SUMMARY AS PASSED SENATE:

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.