§ 58.1-3295. (Effective for tax years beginning before January 1, 2011)Assessment of real property; affordable housing.
A. Notwithstanding any other provision of law, in determining the fair marketvalue of real property containing more than four residential units operatedin whole or in part as affordable rental housing, in accordance with theprovisions of (i) 26 U.S.C. § 42, 26 U.S.C. § 142(d), 24 CFR § 983, 24 CFR §236, 24 CFR § 241(f), 24 CFR § 221(d) (3), or any successors thereto; (ii)applicable state law; or (iii) local ordinances adopted by the localitywherein such real property is located, the duly authorized real estateassessor shall consider:
1. The rent and the impact of applicable rent restrictions;
2. The operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and
3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.
The owner of real property containing more than four residential units thatis operated in whole or in part as affordable rental housing in accordancewith the definition of affordable rental housing established by ordinance orresolution of the locality in which the real property is located may make anapplication to the locality to have the real property assessed pursuant tothis section. The application shall be granted by the locality if (i) theowner charges rents at levels that meet the locality's definition ofaffordable housing and (ii) the real property does not have any pendingbuilding code violations at the time of the application.
The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.
B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.
C. For property where only a portion of the units are operated as affordablehousing, as defined in § 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.
(2006, c. 688; 2009, c. 264.)
§ 58.1-3295. (Effective for tax years beginning on or after January 1, 2011)Assessment of real property; affordable housing.
A. Notwithstanding any other provision of law, in determining the fair marketvalue of real property operated in whole or in part as affordable rentalhousing, in accordance with the provisions of (i) 26 U.S.C. § 42, 26 U.S.C. §142(d), 24 CFR § 983, 24 CFR § 236, 24 CFR § 241(f), 24 CFR § 221(d) (3), orany successors thereto; (ii) applicable state law; or (iii) local ordinancesadopted by the locality wherein such real property is located, the dulyauthorized real estate assessor shall consider:
1. The contract rent and the impact of applicable rent restrictions;
2. The actual operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and
3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.
The owner of real property that is operated in whole or in part as affordablerental housing in accordance with the definition of affordable rental housingestablished by ordinance or resolution of the locality in which the realproperty is located may make an application to the locality to have the realproperty assessed pursuant to this section. Notwithstanding the exception in§ 58.1-3294 for an owner of four or fewer residential units, upon applicationby such an owner, the duly authorized real estate assessor may require theowner to comply with all provisions of § 58.1-3294. The application shall begranted by the locality if (i) the owner charges rents at levels that meetthe locality's definition of affordable housing and (ii) the real propertydoes not have any pending building code violations at the time of theapplication.
The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.
B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.
C. For property where only a portion of the units are operated as affordablehousing, as defined in § 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.
D. Notwithstanding any other provision in this section or other law, the realproperty governed by this section that is generating income as affordablehousing shall be assessed using the income approach based on: the property'scurrent use, income restrictions, provisions of any arm's-length contractincluding but not limited to restrictions on the transfer of title or otherrestraints on alienation of the real property, the requirements of subsectionB, and all other provisions of this section.
(2006, c. 688; 2009, c. 264; 2010, cc. 552, 791, 824.)
§ 58.1-3295. (Effective for tax years beginning before January 1, 2011)Assessment of real property; affordable housing.
A. Notwithstanding any other provision of law, in determining the fair marketvalue of real property containing more than four residential units operatedin whole or in part as affordable rental housing, in accordance with theprovisions of (i) 26 U.S.C. § 42, 26 U.S.C. § 142(d), 24 CFR § 983, 24 CFR §236, 24 CFR § 241(f), 24 CFR § 221(d) (3), or any successors thereto; (ii)applicable state law; or (iii) local ordinances adopted by the localitywherein such real property is located, the duly authorized real estateassessor shall consider:
1. The rent and the impact of applicable rent restrictions;
2. The operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and
3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.
The owner of real property containing more than four residential units thatis operated in whole or in part as affordable rental housing in accordancewith the definition of affordable rental housing established by ordinance orresolution of the locality in which the real property is located may make anapplication to the locality to have the real property assessed pursuant tothis section. The application shall be granted by the locality if (i) theowner charges rents at levels that meet the locality's definition ofaffordable housing and (ii) the real property does not have any pendingbuilding code violations at the time of the application.
The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.
B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.
C. For property where only a portion of the units are operated as affordablehousing, as defined in § 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.
(2006, c. 688; 2009, c. 264.)
§ 58.1-3295. (Effective for tax years beginning on or after January 1, 2011)Assessment of real property; affordable housing.
A. Notwithstanding any other provision of law, in determining the fair marketvalue of real property operated in whole or in part as affordable rentalhousing, in accordance with the provisions of (i) 26 U.S.C. § 42, 26 U.S.C. §142(d), 24 CFR § 983, 24 CFR § 236, 24 CFR § 241(f), 24 CFR § 221(d) (3), orany successors thereto; (ii) applicable state law; or (iii) local ordinancesadopted by the locality wherein such real property is located, the dulyauthorized real estate assessor shall consider:
1. The contract rent and the impact of applicable rent restrictions;
2. The actual operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and
3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.
The owner of real property that is operated in whole or in part as affordablerental housing in accordance with the definition of affordable rental housingestablished by ordinance or resolution of the locality in which the realproperty is located may make an application to the locality to have the realproperty assessed pursuant to this section. Notwithstanding the exception in§ 58.1-3294 for an owner of four or fewer residential units, upon applicationby such an owner, the duly authorized real estate assessor may require theowner to comply with all provisions of § 58.1-3294. The application shall begranted by the locality if (i) the owner charges rents at levels that meetthe locality's definition of affordable housing and (ii) the real propertydoes not have any pending building code violations at the time of theapplication.
The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.
B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.
C. For property where only a portion of the units are operated as affordablehousing, as defined in § 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.
D. Notwithstanding any other provision in this section or other law, the realproperty governed by this section that is generating income as affordablehousing shall be assessed using the income approach based on: the property'scurrent use, income restrictions, provisions of any arm's-length contractincluding but not limited to restrictions on the transfer of title or otherrestraints on alienation of the real property, the requirements of subsectionB, and all other provisions of this section.
(2006, c. 688; 2009, c. 264; 2010, cc. 552, 791, 824.)
§ 58.1-3295. (Effective for tax years beginning before January 1, 2011)Assessment of real property; affordable housing.
A. Notwithstanding any other provision of law, in determining the fair marketvalue of real property containing more than four residential units operatedin whole or in part as affordable rental housing, in accordance with theprovisions of (i) 26 U.S.C. § 42, 26 U.S.C. § 142(d), 24 CFR § 983, 24 CFR §236, 24 CFR § 241(f), 24 CFR § 221(d) (3), or any successors thereto; (ii)applicable state law; or (iii) local ordinances adopted by the localitywherein such real property is located, the duly authorized real estateassessor shall consider:
1. The rent and the impact of applicable rent restrictions;
2. The operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and
3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.
The owner of real property containing more than four residential units thatis operated in whole or in part as affordable rental housing in accordancewith the definition of affordable rental housing established by ordinance orresolution of the locality in which the real property is located may make anapplication to the locality to have the real property assessed pursuant tothis section. The application shall be granted by the locality if (i) theowner charges rents at levels that meet the locality's definition ofaffordable housing and (ii) the real property does not have any pendingbuilding code violations at the time of the application.
The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.
B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.
C. For property where only a portion of the units are operated as affordablehousing, as defined in § 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.
(2006, c. 688; 2009, c. 264.)
§ 58.1-3295. (Effective for tax years beginning on or after January 1, 2011)Assessment of real property; affordable housing.
A. Notwithstanding any other provision of law, in determining the fair marketvalue of real property operated in whole or in part as affordable rentalhousing, in accordance with the provisions of (i) 26 U.S.C. § 42, 26 U.S.C. §142(d), 24 CFR § 983, 24 CFR § 236, 24 CFR § 241(f), 24 CFR § 221(d) (3), orany successors thereto; (ii) applicable state law; or (iii) local ordinancesadopted by the locality wherein such real property is located, the dulyauthorized real estate assessor shall consider:
1. The contract rent and the impact of applicable rent restrictions;
2. The actual operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and
3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.
The owner of real property that is operated in whole or in part as affordablerental housing in accordance with the definition of affordable rental housingestablished by ordinance or resolution of the locality in which the realproperty is located may make an application to the locality to have the realproperty assessed pursuant to this section. Notwithstanding the exception in§ 58.1-3294 for an owner of four or fewer residential units, upon applicationby such an owner, the duly authorized real estate assessor may require theowner to comply with all provisions of § 58.1-3294. The application shall begranted by the locality if (i) the owner charges rents at levels that meetthe locality's definition of affordable housing and (ii) the real propertydoes not have any pending building code violations at the time of theapplication.
The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.
B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.
C. For property where only a portion of the units are operated as affordablehousing, as defined in § 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.
D. Notwithstanding any other provision in this section or other law, the realproperty governed by this section that is generating income as affordablehousing shall be assessed using the income approach based on: the property'scurrent use, income restrictions, provisions of any arm's-length contractincluding but not limited to restrictions on the transfer of title or otherrestraints on alienation of the real property, the requirements of subsectionB, and all other provisions of this section.
(2006, c. 688; 2009, c. 264; 2010, cc. 552, 791, 824.)
