SMITH,MICHAEL AND WINTERS.
PROP TX-LOW INCOME HOUSING
Synopsis of Bill as introduced:
Amends the Property Tax Code. Provides for special valuation of
federal Section 515 low-income housing projects. Provides that to
determine 33 1/3% of the fair cash value of any Section 515 low-income
housing project, local assessment officers must consider the actual or
probable net operating income attributable to the project, capitalized
at normal market values. Provides certification and assessment
procedures for the valuation. Authorizes the Department of Revenue to
adopt rules to implement and administer the Division. Amends the
State Mandates Act to require implementation without reimbursement.
HOUSE AMENDMENT NO. 1.
Excepts from the amendatory provisions counties with a population
of more than 200,000 that classify property for the purposes of
SENATE AMENDMENT NO. 1.
Provides that in valuing the low-income housing projects, the
interest rate to be used in developing the normal market value
capitalization rate shall be one that reflects the prevailing cost of
cash for other types of commercial real estate in the geographic
market in which the Section 515 project is located.
Last action on Bill: PUBLIC ACT.............................. 91-0651
Last action date: 99-12-06
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status