Property Tax – Low–Income Housing Tax Credit – Valuation of Property

Added requirement for Department of Housing and Community Development to notify Department of Assessments and Taxation within 30 days of closing and regulatory agreement execution for properties awarded low-income housing tax credits.

Modified valuation requirements to specify that supervisors must evaluate rent restrictions, affordability requirements, and other federal, state, or local program restrictions when valuing commercial real property developed under Section 42.

Modified property valuation language to explicitly exclude income tax credits under Section 42 of the Internal Revenue Code when calculating income attributable to real property for tax assessment purposes.

Minor formatting changes including bill header updates, chapter number placeholder, and signature block additions for governor and legislative leaders.