HB13-1246 Summary

• Increases the income threshold for "low-income applicants" from 60% to 80% of area median income for nonprofit housing provider exemptions.

• Expands the definition of nonprofit housing providers to include organizations that sell property to low-income applicants first and then work with them to construct or rehabilitate housing, in addition to the existing model of constructing first then selling.

• Limits property tax exemptions for properties sold by nonprofit housing providers to low-income applicants to the earlier of: when a certificate of occupancy is issued for the housing, or one year after the sale.

• Allows the state board of equalization to authorize exemptions for omitted property that would have qualified for exemption during the time it was missing from the tax roll.

• Applies to exemption applications filed on or after January 1, 2013, or pending on that date.