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2012 SESSION

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HB 1073 Residential rental properties; appeal of real property assessments, fair market value.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Real property tax; valuation of residential rental apartments.  Requires that, in any appeal to a board of equalization concerning the fair market value of residential apartments in excess of four units, the board use the income approach to valuation, unless certain specified exceptions exist. Criteria to be used in making this determination include actual gross income generated, losses due to vacancies, collection losses, and rent concessions, as well as actual operating expenses and expenditures. The bill contains an emergency clause and is effective for tax years beginning on or after January 1, 2012. The bill is identical to SB 73.

SUMMARY AS INTRODUCED:

Assessment of residential rental properties. Establishes criteria by which an assessor shall determine fair market value for real estate used in whole or in part as residential rental property as defined by ordinance or the locality. Criteria include actual gross income generated, losses due to vacancies, collection losses, and rent concessions as well as actual operating expenses and expenditures. Evidence as to fair market value presented by the property owner shall be considered by the real estate assessor in his property assessment.