91st General Assembly
Summary of SB1883
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Short description: 
PROP TAX-LOW INCOME HOUSING                                                

Synopsis of Bill as introduced:
        Amends the Property Tax Code.   Provides  that,  in  assessing  a      
   Section 515 low-income housing project based on actual or probable net      
   operating  income  attributable  to  the project, the local assessment      
   officer must use a vacancy rate of not more than  5%,  capitalized  at      
   normal  market  rates  (now, market values).  Removes language stating      
   that  the  effective  date  of  a  Section  515   low-income   housing      
   certificate is the date of application for the certificate or the date      
   of  the  construction  of the project, whichever is later, and instead      
   states that, beginning on January 1, 2000, all certified  Section  515      
   low-income  housing  projects shall be assessed in accordance with the      
   special assessment provisions  regarding  those  projects.   Effective      
Last action on Bill: PUBLIC ACT.............................. 91-0884

   Last action date: 00-06-30

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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