MD SB598

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

Mandates that county supervisors of assessments consider the impact of rent restrictions, affordability requirements, and other restrictions from federal, state, or local programs 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 use of the replacement cost approach for valuation only if it produces a lower value than the income approach and reflects the actual property value

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