MD HB585

Requires the Department of Housing and Community Development to notify the State Department of Assessments and Taxation within 30 days when a property receives a Low-Income Housing Tax Credit (LIHTC) under § 42 of the Internal Revenue Code

Mandates that county supervisors of assessments consider rent restrictions, affordability requirements, and other federal, state, or local program restrictions when valuing LIHTC properties

Prohibits supervisors from counting federal income tax credits under § 42 as income attributable to the property when determining assessed value

Allows the replacement cost valuation approach only when it produces a lower value than the income approach and accurately reflects property value

Takes effect June 1, 2025, and applies to all taxable years beginning after June 30, 2025