Loading chat...
MS HB1080
Bill
Status
2/4/2014
Primary Sponsor
W Alday
Click for details
AI Summary
-
Removes the special appraisal method for affordable rental housing that required valuation based on actual net operating income capitalized at a market rate reflecting prevailing cost of capital and enhanced risk from land use regulations
-
Eliminates the requirement for owners of affordable rental housing to submit annual statements of net operating income to county tax assessors by April 1 each year
-
Deletes definitions of "affordable rental housing" (housing subject to Section 42 of the Internal Revenue Code, HOME Investment Partnership Program, Federal Home Loan Banks Affordable Housing Program, or similar income-restricted housing programs) and "land use regulation"
-
Updates references throughout the statute from "State Tax Commission" to "Department of Revenue" to reflect the current agency name
-
Effective date of January 1, 2014
Legislative Description
Ad valorem tax; remove the provision that prescribes the manner in which affordable rental housing must be appraised.
Last Action
Died In Committee
2/4/2014