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 such multifamily residential rental properties will be based on 10 percent of the actual rental income and other income, as defined in the bill. Taxpayers must notify their municipality of their election to be assessed under this new section by October 1 of the preceding tax year, and the assessment will remain in effect for the next ten tax years, provided the property continues to meet the housing covenant requirements.

Additionally, the bill specifies that the assessed valuation will not consider intangible assets, such as government subsidies or tax credits, nor the actual costs of acquisition or construction. It also clarifies that "other income" includes ordinary and recurring income related to the property, such as laundry or vending income, while excluding income from common areas primarily benefiting residents. The effective date for this act is set for July 1, 2025.