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IN SB0213
Bill
AI Summary
SB 213 Summary
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Creates property tax exemption for affordable rental housing owned by 501(c)(3) organizations or single-member LLCs of such organizations, effective January 1, 2019.
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Requires owners to meet Internal Revenue Service criteria from Revenue Procedure 96-32 (either safe harbor or facts and circumstances test) demonstrating the housing relieves poor and distressed persons.
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Requires owners to provide documentation to township or county assessors including IRS determination letter, Form 990, or rent roll showing tenants meet low-income criteria.
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Owners must notify county auditor within 60 days of any change in property use that affects exemption eligibility and face $500 civil penalty for noncompliance.
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Applies to assessment dates after December 31, 2018, with the provision set to expire January 1, 2022.
Legislative Description
Property tax exemption for affordable rental housing. Provides a property tax exemption for affordable rental housing property when the property does not otherwise qualify for a property tax exemption. Provides that, in order to qualify for the exemption, the owner must meet the criteria applied by the Internal Revenue Service in determining if an organization that provides low income housing is considered charitable because it relieves the poor and distressed.
Last Action
Representative Clere added as cosponsor
2/26/2018