Assessment of low income rental housing
Effective 1-1-2006.
Sec. 41. (a) For purposes of this section:
(1) "low income rental property" means real property used to
provide low income housing eligible for federal income tax
credits awarded under Section 42 of the Internal Revenue Code;
and
(2) "rental period" means the period during which low income
rental property is eligible for federal income tax credits
awarded under Section 42 of the Internal Revenue Code.
(b) For assessment dates after February 28, 2006, except as
provided in subsection (c), the true tax value of low income rental
property is the greater of the true tax value:
(1) determined using the income capitalization approach; or
(2) that results in a gross annual tax liability equal to five
percent (5%) of the total gross rent received from the rental of
all units in the property for the most recent taxpayer fiscal year
that ends before the assessment date.
(c) The department of local government finance may adopt rules
under IC 4-22-2 to implement this section.
As added by P.L.199-2005, SEC.4.
Last modified: May 28, 2006