2006 Code of Virginia § 58.1-3295 - (For applicability, see Editor\'s note) Assessment of real property; affordable housing.

58.1-3295. (For applicability, see Editor's note) Assessment of realproperty; affordable housing.

A. In determining the fair market value of real property containing more thanfour residential units operated in whole or in part as affordable rentalhousing, in accordance with the provisions of (i) 26 U.S.C. 42, 26 U.S.C. 142(d), 24 CFR 983, 24 CFR 236, 24 CFR 241(f), 24 CFR 221(d) (3), orany successors thereto; (ii) applicable state law; or (iii) local ordinancesadopted by the locality wherein such real property is located, the dulyauthorized real estate assessor shall consider:

1. The rent and the impact of applicable rent restrictions;

2. The operating expenses and expenditures and the impact of any suchadditional expenses or expenditures; and

3. Restrictions on the transfer of title or other restraints on alienation ofthe real property.

The duly authorized real estate assessor shall also consider evidencepresented by the property owner of other restrictions imposed by law thatimpact the variables set forth in this subsection.

B. Federal or state income tax credits with respect to affordable housingrental property within the purview of subsection A shall not be consideredreal property or income attributable to real property.

C. For property where only a portion of the units are operated as affordablehousing, as defined in 42 of the Internal Revenue Code or as required bystate law or applicable local ordinance, only the portion determined to beaffordable housing shall be subject to this section.

(2006, c. 688.)