2013 Nebraska Revised Statutes
Chapter 77 - REVENUE AND TAXATION
77-1333 - Rent-restricted housing projects; county assessor; perform income-approach calculation; owner; duties.

77-1333. Rent-restricted housing projects; county assessor; perform income-approach calculation; owner; duties.

(1) The county assessor shall perform an income-approach calculation for all rent-restricted housing projects constructed to allow an allocation of low-income housing tax credits under section 42 of the Internal Revenue Code and approved by the Nebraska Investment Finance Authority when considering the assessed valuation to place on the property for each assessment year. The income-approach calculation shall be consistent with any rules and regulations adopted and promulgated by the Tax Commissioner and shall comply with professionally accepted mass appraisal techniques. Any low-income housing tax credits authorized under section 42 of the Internal Revenue Code that were granted to owners of the project shall not be considered income for purposes of the calculation but may be considered in determining the capitalization rate to be used when capitalizing the income stream. The county assessor, in determining the actual value of any specific property, may consider other methods of determining value that are consistent with professionally accepted mass appraisal methods described in section 77-112.

(2) The owner of a rent-restricted housing project shall file a statement with the county assessor on or before October 1 of each year that details income and expense data for the prior year, a description of any land-use restrictions, and such other information as the county assessor may require.

Source

Laws 2005, LB 263, § 6;
Laws 2007, LB334, § 68.

Cross References

Nebraska Investment Finance Authority Act, see section 58-201.