This bill amends the appraisal process for residential properties subject to housing covenants under the low-income housing tax credit program. It repeals and reenacts RSA 75:1-a, establishing that the property tax assessment for multifamily residential rental properties governed by section 42 of the Internal Revenue Code will be based on 10 percent of the net rental income and certain other income. Taxpayers must notify their municipality of their election to be assessed under this new provision by October 1 of the preceding tax year, and the assessment will remain in effect for the next ten tax years as long as the property remains under the housing covenant. Properties under construction as of April 1 of the tax year are not eligible for this assessment.

Additionally, the bill specifies that the assessed valuation will not consider intangible assets such as government subsidies or tax credits that offset project development expenses. It defines "other income" to include ordinary and recurring income from the property, such as laundry or vending income, and outlines the requirements for taxpayers to provide financial information, including audited financial statements. The effective date for this act is set for July 1, 2025.