Real property tax; assessment of affordable housing. Provides that the duly authorized real estate assessor charged with determining the fair market value of real property operated in whole or in part as affordable rental housing shall use the income approach. The bill also provides that the locality for which an assessment was performed by an assessor that failed to comply with the provisions of the bill shall reimburse an owner of property for reasonable attorney fees and costs incurred in bringing and prosecuting an appeal of such assessment if the owner wins the appeal. Additionally, the bill directs the Department of Taxation to develop, in consultation with a stakeholder group, a short form to be provided by the duly authorized assessors and completed by the owners of affordable rental housing properties through which such owners may comply with such assessor's request for a statement of income and expenses. Such form shall be completed no later than September 1, 2025. The provisions of the bill shall only apply to assessments completed on or after July 1, 2026.

Statutes affected:
Introduced: 58.1-3295
HFIN Sub: Subcommittee #1 Substitute: 58.1-3295
Finance Subcommittee Substitute : 58.1-3295
Finance Substitute : 58.1-3295
Subcommittee #1 Substitute Offered: 58.1-3295