Friday, August 29, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB1086: Affordable housing; assessment of real property, consideration of limitations.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 7 of Chapter 32 of Title 58.1 a section numbered 58.1-3295 as follows:
§ 58.1-3295. Assessment of real property; affordable housing.
A. In determining the fair market value of real property operated as affordable housing as defined by Section 42 of the Internal Revenue Code or as is determined in accordance with state law or local ordinance adopted by the locality wherein such property is located, the duly authorized real estate assessor shall consider (i) the impact of any legally imposed rent restrictions, (ii) any additional operating expenses or expenditures associated with compliance requirements, and (iii) any legally imposed restrictions on the transfer of title or other restraints on alienation.
B. Federal or state income tax credits with respect to affordability of any rental property, as defined in subsection A, shall not be considered real property or income attributable to real property.
2. That the provisions of this act shall be applicable to the assessment of qualifying properties for tax years beginning January 1, 2007.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.