This bill amends the existing law regarding the timeline for taxpayers to notify municipalities of their election to be assessed under the low-income housing tax credit program. Specifically, it changes the deadline for providing written notice from "by October 1 preceding the tax year for which the election is sought" to "on or before April 15." This adjustment aims to give taxpayers more time to make their election for appraisal of property subject to a housing covenant under the program.

Additionally, the bill stipulates that properties under construction as of April 1 of the tax year will not be eligible for assessment under this section. The effective date for this change is set for January 1, 2027.

Statutes affected:
Introduced: 75:1-a
As Amended by the Senate: 75:1-a
Version adopted by both bodies: 75:1-a
HB1021 text: 75:1-a